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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001169232-04-001671.txt : 20040311
<SEC-HEADER>0001169232-04-001671.hdr.sgml : 20040311
<ACCEPTANCE-DATETIME>20040311125850
ACCESSION NUMBER:		0001169232-04-001671
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040311

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREW INDUSTRIES INCORPORATED
		CENTRAL INDEX KEY:			0000763744
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL DOORS, SASH, FRAMES, MOLDING & TRIM [3442]
		IRS NUMBER:				133250533
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13646
		FILM NUMBER:		04662342

	BUSINESS ADDRESS:	
		STREET 1:		200 MAMARONECK AVE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10601
		BUSINESS PHONE:		9144289098

	MAIL ADDRESS:	
		STREET 1:		200 MAMARONECK AVE
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10601
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>d58763_10-k.htm
<DESCRIPTION>FORM 10-K
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     <!-- Control Number: 04-58763                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>10-K</TITLE>
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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>SECURITIES AND EXCHANGE
COMMISSION</B><BR>Washington, D.C. 20549 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 10-K</FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ANNUAL REPORT PURSUANT
TO SECTION 13 OR 15(d)<BR>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

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    <td nowrap><font face="Times New Roman, Times, serif" size="2">For the Year
      End <br>
      December 31, 2003<br>
      </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Commission
      File Number<br>
      0-13646 </font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap width="100%"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td nowrap colspan="3"><font face="Times New Roman, Times, serif" size="2"></font><font face="Times New Roman, Times, serif" size="2"><b>DREW
      INDUSTRIES INCORPORATED</b> <br>
      (Exact Name of Registrant as Specified in its Charter)</font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom" align="center">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"> <b>Delaware</b>
      <br>
      (State or other jurisdiction of<br>
      incorporation or organization) <br>
      </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"> <b>13-3250533</b>
      <br>
      (I.R.S. Employer <br>
      Identification Number)</font></td>
  </tr>
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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>200 Mamaroneck
Avenue, White Plains, N.Y. 10601</B><BR>(Address of principal executive offices) (Zip
Code) </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
Registrant&#146;s Telephone Number including Area Code: (914) 428-9098<BR>
Securities Registered pursuant to Section 12(b) of the Act: None<BR>Securities
Registered pursuant to Section 12(g) of the Act: </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Common Stock<BR>(Title of
Class) </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark
whether the Registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the Registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes |X|  No |_|  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of Registrant&#146;s
knowledge, in definitive proxy or information statements incorporated by
reference in Part III of this Form 10-K or any amendment to this Form 10-K.
|_|  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark whether
Registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes
|X| No&nbsp;|_| </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Aggregate market value of
voting stock (Common Stock, $.01 par value) held by non-affiliates of Registrant
(computed by reference to the closing price as of March 3, 2004) was
$282,472,251. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The number of shares
outstanding of the Registrant&#146;s Common Stock, as of the latest practicable
date (February 27, 2004) was 10,234,883<B> </B>shares of Common Stock. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Documents
Incorporated by Reference </FONT></H2>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proxy Statement with
respect to the 2004 Annual Meeting of Stockholders to be held on May 20, 2004 is
incorporated by reference into Items 10, 11, 12 and 14 of Part III. </FONT></P>

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<HR SIZE=5 NOSHADE>

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<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>FORWARD
LOOKING STATEMENTS AND RISK FACTORS</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Form 10-K and the documents incorporated by reference contain certain
&#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995 with respect to financial condition,
results of operations, business strategies, operating efficiencies or synergies,
competitive position, growth opportunities for existing products, plans and
objectives of management, markets for Drew Industries Incorporated
(&#147;Drew&#148; or the &#147;Company&#148;) common stock and other matters.
Statements in this Form 10-K, including those incorporated by reference, that
are not historical facts are &#147;forward-looking statements&#148; for the
purpose of the safe harbor provided by Section 21E of the Exchange Act and
Section 27A of the Securities Act. Forward-looking statements, including,
without limitation those relating to our future business prospects, revenues and
income, wherever they occur in this Form 10-K, are necessarily estimates
reflecting the best judgment of our senior management, at the time such
statements were made, and involve a number of risks and uncertainties that could
cause actual results to differ materially from those suggested by
forward-looking statements. The Company does not undertake to update
forward-looking statements to reflect circumstances or events that occur after
the date the forward-looking statements are made. You should consider
forward-looking statements, therefore, in light of various important factors,
including those set forth in this Form 10-K. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are a number of factors, many of which are beyond the Company&#146;s control,
which could cause actual results and events to differ materially from those
described in the forward-looking statements. These factors include pricing
pressures due to competition, raw material costs (particularly steel, vinyl,
aluminum, glass, and ABS resin), availability of retail and wholesale financing
for manufactured homes, availability and costs of labor, inventory levels of
retailers and manufacturers, levels of repossessed manufactured homes, the
financial condition of our customers, interest rates, and adverse weather
conditions impacting retail sales. In addition, national and regional economic
conditions and consumer confidence may affect the retail sale of recreational
vehicles and manufactured homes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I</FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 1.
BUSINESS.</FONT></H2>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Introduction</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drew
has two reportable operating segments, the recreational vehicle products segment
(the &#147;RV Segment&#148;) and the manufactured housing products segment (the
&#147;MH Segment&#148;). Drew&#146;s wholly-owned subsidiaries, Kinro, Inc. and
its subsidiaries (&#147;Kinro&#148;) and Lippert Components, Inc. and its
subsidiaries (&#147;Lippert&#148;), each have operations in both the RV Segment
and the MH Segment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinro
manufactures and markets primarily aluminum windows and doors for recreational
vehicles, and vinyl and aluminum windows and screens and thermo-formed bath and
shower units for manufactured and modular homes. Lippert manufactures and
markets primarily steel chassis, steel chassis parts, slide-out mechanisms and
related power units, and electric stabilizer jacks for recreational vehicles,
and steel chassis and steel chassis parts for manufactured homes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
1980, the Company has acquired fifteen manufacturers of products for both
manufactured homes and recreational vehicles, expanded its geographic market and
product lines, added manufacturing facilities, integrated manufacturing,
distribution and administrative functions, and developed new and innovative
products. As a result, at December 31, 2003, the Company operated 41
manufacturing facilities in 17 states and one in Canada, and achieved
consolidated sales of $353 million for 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company was incorporated under the laws of Delaware on March 20, 1984, and is
the successor to Drew National Corporation, which was incorporated under the
laws of Delaware in 1962. The Company&#146;s principal executive and
administrative offices are located at 200 Mamaroneck Avenue, White Plains, New
York 10601; telephone number (914) 428-9098; website
<I>www.drewindustries.com</I>; e-mail <I>drew@drewindustries.com</I>. The
Company makes available free of charge on its website its Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K (and
amendments to those reports) filed with the Securities and Exchange Commission
as soon as reasonably practicable after such materials are electronically filed. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2 </FONT></P>
<HR SIZE=5 NOSHADE>

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<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Recent Events</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 17, 2003, the Company acquired Kansas-based LTM, with annual sales of
approximately $4.5 million. LTM, the holder of several innovative patents,
manufactures a variety of products for RVs, including slide-out mechanisms and
specialty slide-out trays for batteries, LP tanks and storage, as well as
electric stabilizer jacks, flexguard slide-out wire protection systems, and
slide-out patio decks. The purchase price was $4.1 million, including $250,000
of LTM&#146;s debt which the Company repaid on closing. The purchase price was
funded with $3.8 million of the Company&#146;s available cash and a $350,000
note to the seller, bearing interest at the prime rate, payable in equal
installments over the next five years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 3, 2003, the Company acquired certain assets and liabilities of
Indiana-based ET&amp;T Frames, Inc. (&#147;ET&amp;T&#148;), with annual sales of
approximately $7 million. ET&amp;T manufactures chassis primarily for specialty
trailer units, consisting of park models, office units, cargo trailers and, to a
lesser extent, chassis for towable recreational vehicles. This acquisition
represents an expansion of the Company&#146;s chassis manufacturing business
into specialty chassis. The $3.6 million purchase price included the accounts
receivable and certain inventory and fixed assets of ET&amp;T. Production of
ET&amp;T&#146;s products was immediately transferred to the Company&#146;s
existing factories, without adding any overhead. The purchase price was funded
with the Company&#146;s available cash. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company received notification in November 2003 from Institutional Stockholders
Services, Inc., (&#147;ISS&#148;) a Rockville, Maryland-based independent
research firm that advises institutional investors, that the Company&#146;s
corporate governance policies outranked 99.9 percent of all companies listed in
the Russell 3000 index. The Company has no business relationships with ISS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 11, 2003, the Company&#146;s stock began trading on the New York Stock
Exchange (NYSE) under the stock ticker symbol &#147;DW.&#148; Concurrent with
the NYSE listing, the Company&#146;s shares were withdrawn from the American
Stock Exchange. The Company believes that listing its stock on the NYSE will
result in greater exposure to the investment community, while also providing a
more liquid, trading environment for the Company&#146;s stockholders. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
mid-December 2003 and continuing into 2004, the Company was notified by its
steel suppliers of unprecedented steel cost increases, which through February
2004 have aggregated more than 60 percent. Steel is one of the Company&#146;s
primary raw materials. This situation apparently arose as the result of an
increase in world-wide steel demand, particularly in China. In addition, due to
the weakened value of the United States dollar, which has declined about 15
percent versus the euro over the last year, and the increased cost of oceanic
shipping, it has become uneconomical to import steel. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
response to the steel cost increases, the Company took the following immediate
actions: a) contacted other steel vendors, both domestic and foreign, in an
attempt to obtain better pricing, but to no avail; b) ordered as much steel as
possible in December 2003, and January and February 2004, before the monthly
cost increases became effective in each month; c) raised prices to customers,
which was followed with a second round of price increases; and d) cut operating
costs wherever possible. These actions were taken quickly and as a result, the
steel cost increases to date are not expected to have a significant effect on
2004 results. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2004, the Company sold certain intellectual property rights relating to
a process used to manufacture a new composite material. Simultaneously with the
sale, the Company entered into an equipment lease and a license agreement with
the buyer. As a result, the Company plans to use the new composite material to
produce certain bath products for the manufactured housing, modular housing, and
recreational vehicle industries on an exclusive, royalty-free basis. This new
composite material will enable the Company to compete against fiberglass bath
products in these industries. The Company will also have the right to use the
new composite material on a royalty-free, non-exclusive basis to manufacture
various other products for the manufactured housing, modular housing, and
recreational vehicle industries. Sales of these products, if any, are not
expected to be significant in 2004. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3 </FONT></P>
<HR SIZE=5 NOSHADE>

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<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale price for the intellectual property rights was $4.0 million, consisting of
cash of $100,000 at closing and a note of $3.9 million, payable over five years.
The note bears interest at increasing annual interest rates, and is secured by a
lien on the intellectual property rights sold, a right of offset against the
lease, and a guaranty. The note is convertible by the Company into an equity
interest in any new venture that the buyer may form to promote this process. In
February 2004, the Company received the first payment under the note for
$400,000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is evaluating the potential gain on sale, and currently anticipates that
it will record a first quarter pre-tax gain of approximately $500,000 ($300,000,
or $.03 per diluted share, after tax) after all related costs and valuations.
Future gain, if any, will be recorded when any payments on the remaining $3.5
million balance of the note are received. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Recreational
Vehicles Products Segment</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through
its wholly-owned subsidiaries, the Company manufactures and markets a number of
components for recreational vehicles, primarily travel trailers and fifth
wheels, including aluminum windows, a variety of doors, steel chassis, steel
chassis parts, RV slide-out mechanisms and related power units, and electrical
stabilizer jacks. In 2003, the RV Segment represented approximately 62% of the
Company&#146;s consolidated sales, and 63% of consolidated segment operating
profit. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raw
materials used by the Company&#146;s RV Segment, consisting of fabricated steel
(coil, sheet, tube and I-beam), extruded aluminum, glass, and various adhesive
and insulating components, are available from a number of sources. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations
of the Company&#146;s RV Segment consist primarily of fabricating, welding,
painting and assembling components into finished products, and tempering glass
for its own use and for sale to other window manufacturers. The Company&#146;s
RV Segment operations are conducted at 27 manufacturing and warehouse facilities
throughout the United States and one in Canada, strategically located in
proximity to the customers they serve. Of these facilities, eight also conduct
operations in the Company&#146;s MH Segment. See Item 2. &#147;Properties.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s recreational vehicles products are sold by five sales personnel,
working exclusively for the Company, to major manufacturers of recreational
vehicles such as Fleetwood Enterprises, Forest River and Thor Industries. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s RV Segment operations compete on the basis of price, customer
service, product quality, and reliability. Although definitive information is
not readily available, the Company believes that its market share for most of
its recreational vehicle window and door products exceeds 50%. The
Company&#146;s recreational vehicles chassis and chassis parts operations
compete with several other manufacturers of chassis and chassis parts, as well
as with certain manufacturers of recreational vehicles that produce their own
chassis and chassis parts. The Company&#146;s operation as a supplier of chassis
and chassis parts for recreational vehicles initially had only a small market
share in 1997, but the Company&#146;s market share has been increasing
substantially. Although definitive information is not readily available, the
Company believes that its market share for chassis and chassis parts for
recreational vehicles exceeds 60%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
of the Company&#146;s slide-out mechanisms and related power units have grown
from virtually zero in 2001 to sales in excess of $37 million during 2003. The
Company competes with several other manufacturers of slide-out mechanisms.
Although definitive information is not readily available, the Company believes
that its market share for slide-out mechanisms for travel trailers and fifth
wheel RVs exceeds 60%. The Company manufactures and sells certain of its
slide-out mechanisms pursuant to a non-exclusive license granted by the
exclusive licensee and owner of three patents until October 24, 2017, the date
of the last to expire of the patents. Royalties are payable by the Company on an
annual declining percentage of sales of slide-out mechanisms produced by the
Company with annual minimum royalties $1,250,000 for the years 2003 through
2006. Aggregate royalties for the period from 2007 through the expiration of the
patents will not exceed $5 million. See Item 3. &#147;Legal Proceedings&#148;
for a description of the settlement of litigation involving the Company&#146;s
slide-out mechanisms. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<!-- MARKER PAGE="sheet: 4; page: 4" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Manufactured
Housing Products Segment</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s subsidiaries in the MH Segment manufacture and market a number of
components for manufactured homes, including vinyl and aluminum windows and
screens, thermo-formed bath and shower units, steel chassis and steel chassis
parts. In 2003, the MH Segment represented approximately 38% of the
Company&#146;s consolidated sales, and 37% of consolidated segment operating
profit. The MH Segment also supplies related products to other industries,
representing less than 5% of sales of this segment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raw
materials used by the Company&#146;s MH Segment, consisting of fabricated steel
(coil, sheet, galvanized and I-beam), extruded aluminum and vinyl, glass, ABS
resin, and various adhesive and insulating components, are available from a
number of sources. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations
of the Company&#146;s MH Segment consist primarily of fabricating, welding,
thermo-forming, painting and assembling components into finished products. The
Company&#146;s MH Segment operations are conducted at 23 manufacturing and
warehouse facilities throughout the United States, strategically located in
proximity to the customers they serve. Of these facilities, eight also conduct
operations in the Company&#146;s RV Segment. See Item 2. &#147;Properties.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s manufactured housing products are sold by 14 sales personnel,
working exclusively for the Company, to major builders of manufactured homes
such as Cavalier Homes, Champion Enterprises, Clayton Homes, Fleetwood
Enterprises, Oakwood Homes, and Skyline. In November 2002, Oakwood Homes filed
for relief under Chapter 11 of the United States Bankruptcy Code. During 2003,
Clayton Homes was acquired by Berkshire Hathaway Inc.. Thereafter, Berkshire
Hathaway Inc. made an offer to acquire Oakwood Homes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s MH Segment competes on the basis of price, customer service,
product quality, and reliability. Although definitive information is not readily
available, the Company believes that the two leading suppliers of windows for
manufactured homes are the Company and Philips Industries, a subsidiary of
Tomkins, PLC, and that the Company&#146;s market share for windows and screens
is more than 50%. The Company&#146;s manufactured homes chassis and chassis
parts operations compete with several other manufacturers of chassis and chassis
parts, as well as with certain builders of manufactured homes which produce
their own chassis and chassis parts. The Company&#146;s thermo-formed bath unit
operation competes with three other manufacturers of bath units. Although
definitive information is not readily available, the Company believes that its
market share for chassis and chassis parts for manufactured homes is
approximately 8% percent, and that its share of the total market for bath units
is approximately 35%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Discontinued
Operation</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market for refurbished axles and tires is highly fragmented, has low entry
barriers, and is therefore highly competitive. Drew&#146;s axle and tire
refurbishing operation did not perform well from 2000 through 2002 primarily due
to increased competition and the decline in the manufactured housing industry,
which severely affected operating margins. During 2001, the axle and tire
refurbishing operation closed two of its five factories and sold the operations
of a third factory. In September 2002, the Company converted one of its two
remaining axle and tire refurbishing facilities to an RV window production
facility, and in January 2003, the Company sold its one remaining axle and tire
refurbishing operation at a small gain. The Company no longer sells refurbished
tires and axles. As a result, the axle and tire refurbishing business of LTA is
classified as a discontinued operation in the Consolidated Financial Statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Regulatory
Matters</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windows
produced by the Company for manufactured homes must comply with performance and
construction regulations promulgated by the United States Housing and Urban
Development Authority (&#147;HUD&#148;) and by the American Architectural
Manufacturers Association relating to air and water infiltration, thermal
performance, emergency exit conformance, and hurricane resistance. Thermo-formed
bath and shower units manufactured by the Company for manufactured homes must
comply with performance and construction regulations promulgated by HUD, the
American National Standards Institute, the American Society for Testing and
Materials, and Underwriters Laboratory relating to fire resistance, electrical
safety, color fastness, and stain resistance. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windows
and doors produced by the Company for the recreational vehicle industry are
regulated by The United States Department of Transportation Federal Highway
Administration (&#147;DOT&#148;), National Fire and Protection Agency, and the
National Electric Code governing safety glass performance, egressability, door
hinge and lock systems, egress window retention hardware, and baggage door
ventilation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufactured
homes are built on steel chassis which are fitted with axles and tires
sufficient in number to support the weight of the home, and are transported by
producers to dealers via roadway. The Company sells a small number of new tires
and axles. New tires distributed by the Company are subject to regulations
promulgated by DOT and by HUD relating to weight tolerance, maximum speed, size,
and components. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s operations are also subject to certain federal, state and local
regulatory requirements relating to the use, storage, discharge and disposal of
hazardous chemicals used during their manufacturing processes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company believes that it is currently operating in compliance with applicable
laws and regulations, and does not believe that the expense of compliance with
these laws and regulations, as currently in effect, will have a material effect
on the Company&#146;s capital expenditures, earnings or competitive position. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Employees</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of persons employed full-time by the Company and its subsidiaries at
December 31, 2003 was approximately 2,900. The Company and its subsidiaries
believe that relations with its employees are good. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 2.
PROPERTIES.</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s manufacturing operations are conducted at facilities that are
used for both manufacturing and warehousing. In addition, the Company maintains
administrative facilities used for corporate and administrative functions. The
following is a chart identifying the Company&#146;s properties: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>6 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





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<!-- MARKER PAGE="sheet: 6; page: 6" -->

<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT colspan="2"><font face="Times New Roman, Times, serif" size="2">RV
      PRODUCTS SEGMENT</font><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom align="center">
    <td align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">City</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">State</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Square Feet</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Owned</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Leased</font></b></td>
  </tr>
  <tr valign=top>
    <td align=LEFT>
      <hr noshade size="1" align="center" width="20">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Fontana
      (1)</font></td>
    <td width=100% align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">California</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">87,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Rialto</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">California</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">62,700</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Fitzgerald
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Georgia</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">23,700</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Bristol</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">87,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">41,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Elkhart</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">49,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">118,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">87,800</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Crawfordsville</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">17,800</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">53,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Pendleton</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Oregon</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">56,800</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Portland</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Oregon</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">50,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Denver
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Pennsylvania</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">10,700</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Alvarado
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">21,300</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Longview</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">58,900</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Berkley
      Springs</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">West
      Virginia</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">53,400</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Ontario</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Canada</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">39,900</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Denver</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">12,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Elkhart</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">42,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">46,400</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">10,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Middlebury
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">15,900</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Sugarcreek
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Ohio</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">3,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Campbellsville</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Kentucky</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">26,900</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">9,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">4,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Smith
      Center</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Kansas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">25,900</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT nowrap colspan="2">&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT nowrap>
      <hr noshade size="1">
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">1,114,600</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT nowrap colspan="2">&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT nowrap>
      <hr noshade size="2">
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
  </tr>
</table>
<BR>


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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(1) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>These
plants also produce products for manufactured homes</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>7 </FONT></P>
<HR SIZE=5 NOSHADE>

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<BR>





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<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT nowrap colspan="2"><font face="Times New Roman, Times, serif" size="2">MH
      PRODUCTS SEGMENT</font><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom align="center">
    <td align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">City</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">State</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Square Feet</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Owned</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Leased</font></b></td>
  </tr>
  <tr valign=top>
    <td align=LEFT>
      <hr noshade size="1" align="center" width="20">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Boaz</font></td>
    <td align=LEFT nowrap width="100%"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Alabama</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">86,600</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Double
      Springs</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Alabama</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">109,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Fontana
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">California</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">21,800</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Ocala</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Florida</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">47,100</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Fitzgerald
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Georgia</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">55,300</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Nampa</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Idaho</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">39,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">110,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">11,600</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">58,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Middlebury
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">63,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Arkansas
      City</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Kansas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">7,800</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Bossier
      City</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Louisiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">11,400</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Cairo</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Georgia</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">105,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Waxahachie</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">200,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Whitehall</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">New
      York</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">12,700</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Harrisburg</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">North
      Carolina</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">58,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Liberty</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">North
      Carolina</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">47,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Sugarcreek
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Ohio</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">11,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Denver
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Pennsylvania</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">72,600</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Dayton</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Tennessee</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">100,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Mansfield</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">61,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Alvarado
      (1)</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">49,700</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Lancaster</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Wisconsin</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">12,300</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT nowrap colspan="2">&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT nowrap>
      <hr noshade size="1">
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">1,351,400</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT nowrap colspan="2">&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT nowrap>
      <hr noshade size="2">
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
  </tr>
</table>
<BR>


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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(1) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>These
plants also produce products for recreational vehicles.</I> </FONT></TD>
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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>8 </FONT></P>
<HR SIZE=5 NOSHADE>

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<BR>





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  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap colspan="2"><font face="Times New Roman, Times, serif" size="2">ADMINISTRATIVE</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom align="center">
    <td align=center nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">City</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">State</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Square Feet</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Owned</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">Leased</font></b></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT>
      <hr noshade size="1" align="center" width="20">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>
      <hr noshade size="1">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER>
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Arlington</font></td>
    <td align=LEFT nowrap width="100%"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">8,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Naples</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Florida</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">4,500</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">6,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Goshen</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Indiana</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">6,000</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">White
      Plains</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">New
      York</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">2,800</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">X</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT nowrap colspan="3"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT nowrap>
      <hr noshade size="1">
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">27,800</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT nowrap colspan="3"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT nowrap>
      <hr noshade size="2">
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=CENTER nowrap>&nbsp;</td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company owns a 33,500 square feet building in McAdoo, Pennsylvania and a 43,000
square feet building in Waco, Texas that are leased to third parties, and owns a
21,600 square feet building in Garrett, Indiana which is vacant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 3. LEGAL
PROCEEDINGS.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
2003, Lippert was a defendant in two related actions entitled <I>Versa Technologies,  Inc.,
VT Holding II, Inc. and Engineered Solutions, LP vs. Lippert Components,  Inc.</I>, commenced
in the United States District Court,  Eastern District of Wisconsin,  on June 11, 2002,
and <I>Versa  Technologies,  Inc. dba Power Gear and Actuant  Corporation vs. Lippert
Components  Manufacturing Inc., David Beard, William Pfifer and DOES 1 through 100,
inclusive</I>, commenced in the Superior Court of the State of California, County of
Riverside, on December 31, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the first action, Plaintiffs alleged that Lippert infringed certain United
States patents owned by plaintiffs in connection with Lippert&#146;s manufacture
and sale of operating mechanisms for recreational vehicle slide-out mechanisms.
Plaintiffs also alleged that Lippert breached a confidentiality agreement
between Lippert and plaintiffs&#146; alleged predecessor-in-interest by using
allegedly confidential information of such predecessor-in-interest, and by
hiring plaintiffs&#146; employees. Plaintiffs sought damages in an unspecified
amount, treble damages, a permanent injunction restraining Lippert from
infringing plaintiffs&#146; patents and from breaching the confidentiality
agreement, and costs and attorney&#146;s fees incurred in the action. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the second action, Plaintiffs alleged that Lippert hired former employees of
plaintiff Power Gear for the purpose of depriving Power Gear of its West Coast
sales force and for the purpose of accessing confidential business information
relating to Power Gear&#146;s business and operations. Plaintiffs alleged
intentional interference with contract, intentional interference with
prospective economic advantage, common law unfair competition, and unfair
business practices, in violation of the California Business and Professions Code
(Section (17000 et. seq.). Plaintiffs sought damages in an unspecified amount,
exemplary damages, restitution of unjust enrichment in an unspecified amount,
and costs and expenses incurred in the proceeding and injunctive relief. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February 28, 2003, both actions were terminated and dismissed in accordance with
a settlement agreement providing for a non-exclusive license in favor of Lippert
for the life of the slide-out mechanism patents. Royalties will be payable by
Lippert on an annual declining percentage of sales of slide-out mechanisms
produced by Lippert, with an annual minimum royalty of $1,000,000 for fiscal
2002 and annual minimum royalties of $1,250,000 for fiscal years 2003 through
2006. Aggregate royalties from 2007 through the expiration of the patents will
not exceed $5 million. See Item 1. &#147;Business&#148; for a discussion of
sales of the Company&#146;s slide-out mechanisms. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>9 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lippert
is a defendant in an action entitled <I>SteelCo,  Inc. vs. Lippert  Components,  Inc. and
DOES 1 through 20, inclusive</I> commenced in the Superior Court of the State of
California, County of San Bernardino, San Bernardino District, on July 16, 2002.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff
alleges that Lippert violated certain provisions of the California Business and
Professions Code (Sec. 17000 et. seq.) by allegedly selling chassis and
component parts below Lippert&#146;s costs, engaging in acts intended to destroy
competition, wrongfully interfering with plaintiff&#146;s economic advantage,
and engaging in unfair competition. Plaintiff seeks damages in an unspecified
amount, treble damages, punitive damages, costs and expenses incurred in the
proceeding and injunctive relief. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lippert
is vigorously defending against the allegations in the complaint, and has
asserted counterclaims against Plaintiff. The case is in discovery. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 4.    SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Bold 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DIRECTORS
AND EXECUTIVE OFFICERS OF THE REGISTRANT. </B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables set forth certain information with respect to the Directors and
Executive Officers of the Company as of December 31, 2003. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>



<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Name</font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Position</font></b></td>
  </tr>
  <tr valign=top>
    <td align=LEFT nowrap>
      <hr noshade size="1" width="25" align="left">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT nowrap>
      <hr noshade size="1" width="40" align="left">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td nowrap align=LEFT><font face="Times New Roman, Times, serif" size="2">Leigh
      J. Abrams</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">President,
      Chief Executive Officer and Director of the Company since</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      61)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;March
      1984.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Edward
      W. Rose, III</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Chairman
      of the Board of Directors of the Company since March 1984.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      62)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">David
      L. Webster</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Company since March 1984.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      68)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">L.
      Douglas Lippert</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Company since November 1997.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      56)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">James
      F. Gero</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Company since May 1992.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      58)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Gene
      H. Bishop</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Company since June 1995.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      74)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Frederick
      B. Hegi, Jr</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Company since May 2002.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      60)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">David
      A. Reed</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Director
      of the Company since May 2003.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      56)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Fredric
      M. Zinn</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Chief
      Financial Officer of the Company since January 1986 and</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      52)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Executive
      Vice President of the Company since February 2001.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">John
      F. Cupak</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Secretary
      and Director of Taxation and Internal Audit of the Company</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      54)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;since
      May 2003.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Joseph
      S. Giordano III</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Corporate
      Controller and Treasurer of the Company since May 2003.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;(Age
      34)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEIGH
J. ABRAMS, since April 2001, has also been a director of Impac Mortgage Holdings, Inc., a
publicly-owned specialty finance company organized as a real estate investment trust. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>10 </FONT></P>
<HR SIZE=5 NOSHADE>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDWARD
W. ROSE, III, for more than the past five years,  has been President and sole
 stockholder of Cardinal  Investment  Company,  Inc., an investment  firm. Mr. Rose also
serves as a director of the following public companies:  Liberte Investors, Inc., engaged
in real estate loans and investments; and ACE Cash Express, Inc., engaged in check
cashing services. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAVID
L. WEBSTER,  since November 1980, has been President and Chief Executive Officer of
Kinro, Inc., a subsidiary of the Company,  and since November 1984, has been Chairman of
Kinro, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.
DOUGLAS LIPPERT,  from October 1997 until February 2003, was Chairman,  President and
Chief Executive Officer of Lippert Components,  Inc., a subsidiary of the Company, and
President of the predecessor of Lippert Components,  Inc. since 1978.  Effective February
5, 2003, Jason D. Lippert,  the son of L. Douglas Lippert, was appointed as President and
Chief Executive Officer of Lippert Components, Inc., and L. Douglas Lippert continues as
Chairman. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JAMES
F. GERO,  since March 1992, has been Chairman and Chief Executive  Officer of Sierra
 Technologies,  Inc., a manufacturer of defense  systems  technologies,  and a director
of its affiliates.  Mr. Gero also serves as a director of Orthofix  International,  N.V.,
a  publicly-owned  international  supplier of  orthopedic  devices for bone  fixation and
 stimulation,  and as a director of Intrusion.com, Inc., a publicly-owned supplier of
security software. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENE
H. BISHOP,  from March 1975 until July 1990,  was Chief  Executive  Officer of MCorp,  a
bank holding  company,  and from October 1990 to November 1991, was Vice Chairman and
Chief Financial Officer of Lomas Financial  Corporation,  a financial services company.
From November 1991 until his retirement in October 1994, Mr. Bishop served as Chairman
and Chief Executive Officer of Life Partners Group, Inc., a life insurance holding
company. Mr. Bishop also serves as a director of Liberte Investors, Inc., engaged in real
estate loans and investments. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREDERICK
B. HEGI,  JR., is a founding  partner of Wingate  Partners,  including the indirect
 general partner of each of Wingate  Partners L.P. and Wingate  Partners II, L.P. Since
May 1982, Mr. Hegi has served as President of Valley View Capital Corporation,  a private
investment firm. He is a director of the following  publicly-owned  companies:  Lone Star
Technologies,  Inc., a diversified  company engaged in the manufacture of tubular
products;  Texas Capital  Bancshares,  Inc., a regional and Internet bank; and is
Chairman of the Board of United  Stationers,  Inc., a wholesale  distributor  of business
 products.  Mr. Hegi was also  Chairman,  President  and Chief  Executive  Officer of
Kevco,  Inc., a  publicly-owned  distributor  of building  products to the manufactured
 housing and recreational  vehicle  industries,  which filed for protection  under
Chapter 11 of the United States  Bankruptcy Code on February 5, 2001, later converted to
a Chapter 7 liquidation. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAVID
A. REED, is Managing Partner of Causeway Capital Partners,  L.P., a  privately-owned
 investment  partnership.  Mr. Reed retired as Senior Vice Chair for Ernst &amp; Young LLP in
2000 where he held several  senior U.S. and global  operating,  administrative  and
 marketing  roles in his 26-year  tenure with the firm. He served on Ernst and Young
LLP&#146;s  Management  Committee and Global Executive Council from 1991-2000.  Mr. Reed also
serves as a director of Texas Industries, a publicly-owned company that supplies
construction materials. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Other
Executive Officers</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREDRIC
M. ZINN,  not a nominee for election as a director,  has been Chief  Financial  Officer
of the Company for more than the past five years,  and  Executive  Vice  President of the
Company since February 2001.  Mr. Zinn is a Certified Public Accountant. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JASON
D. LIPPERT, not a nominee for election as a director,  has been President and Chief
Executive Officer of Lippert Components,  Inc., a subsidiary of the Company,  since
February 5, 2003.  From May 2000, Mr.  Lippert was Executive  Vice  President and Chief
 Operating  Officer of Lippert  Components,  Inc., and from 1998 until 2000, Mr. Lippert
served as Regional  Director of Operations of Lippert Components, Inc. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>11 </FONT></P>
<HR SIZE=5 NOSHADE>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JOHN
F. CUPAK, not a nominee for election as a director, has been Secretary as well
as Director of Taxation and Internal Audit of the Company since May 2003. For
more than the five years prior thereto, Mr. Cupak was Controller of the Company. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JOSEPH
S.  GIORDANO  III, not a nominee for election as a director,  has been  Corporate
 Controller  and  Treasurer of the Company  since May 2003.  From July 1998 to August
2002,  Mr. Giordano was a Senior Manager at KPMG LLP, and from August 2002 to April 2003,
Mr. Giordano was a Senior Manager at Deloitte &amp; Touche LLP.  Mr. Giordano is a Certified
Public Accountant. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Compliance
with Section 16(a) of the Securities Exchange Act</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
16(a) of the Securities Exchange Act of 1934, as amended, requires the
Company&#146;s executive officers and directors, and persons who beneficially
own more than ten percent of the Company&#146;s equity securities, to file
reports of ownership and changes in ownership with the Securities and Exchange
Commission (&#147;SEC&#148;) and the New York Stock Exchange. Officers,
directors and greater than ten-percent shareholders are required by SEC
regulation to furnish the Company with copies of all Section 16(a) forms they
file. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on its review of the copies of such forms received by it, the Company believes
that during 2003 all such filing requirements applicable to its officers and
directors (the Company not being aware of any ten percent holder during 2003
other than Edward W. Rose III and L. Douglas Lippert, directors of the Company)
were complied with. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II</FONT></H1>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 5.  MARKET FOR
REGISTRANT&#146;S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of February 27, 2004, there were approximately 733<B></B>holders of Drew Common Stock,
not including beneficial owners of shares held in broker and nominee names.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
December 11, 2003, the Company&#146;s Common Stock began trading on the New York Stock
Exchange under the symbol &#147;DW&#148;. Prior thereto, the Company&#146;s Common stock
was traded on the American Stock Exchange.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
concerning the high and low closing prices of the Company&#146;s Common Stock for each
quarter during 2003 and 2002 is set forth in Note 12 of Notes to Consolidated Financial
Statements in Item 8 of this Report.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Dividend
Information</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has not paid any cash dividends on its Common Stock. Future dividend policy with
respect to the Common Stock will be determined by the Board of Directors of the Company
in light of prevailing financial needs and earnings of the Company and other relevant
factors.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s dividend policy is subject to certain restrictions contained in its 6.95%
Senior Notes and in other financing agreements.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>12 </FONT></P>
<HR SIZE=5 NOSHADE>

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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 6.
SELECTED FINANCIAL DATA</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes certain selected historical financial and operating
information of the Company and is derived from the Company&#146;s Consolidated
Financial Statements. Such historical financial data may not be indicative of
the Company&#146;s future performance. The information set forth below should be
read in conjunction with &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#148; and the historical
Consolidated Financial Statements and Notes thereto included in Item 7 and Item
8 of this Report, respectively. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=625>
  <tr align="center">
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="15" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Years
      Ended December 31,</font></b></td>
  </tr>
  <tr align="center">
    <td nowrap colspan="16">
      <hr noshade size="1">
    </td>
  </tr>
  <tr align="center">
    <td nowrap valign="bottom" align=left><b><font face="Times New Roman, Times, serif" size="1">(In
      thousands, except per share amounts)</font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2000</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;1999</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td align=LEFT colspan="16">
      <hr noshade size="1">
    </td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" width="100%"><i><font face="Times New Roman, Times, serif" size="2">Operating
      Data:</font></i></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Net
      sales</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      353,116</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      325,431</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      254,770</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      253,129</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      268,951</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Operating
      profit</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      34,277</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      29,213</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      20,345</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      17,067</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      33,269</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Income
      from continuing operations before income</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;taxes
      and cumulative effect of change in</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;accounting
      principle</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      31,243</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      25,647</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      16,194</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      13,646</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      30,595</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Provision
      for income taxes</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      11,868</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      9,883</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      6,364</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      5,652</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      12,105</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Income
      from continuing operations before</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;cumulative
      effect of change in accounting</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;principle</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      19,375</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      15,764</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      9,830</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      7,994</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      18,490</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Discontinued
      operations(1) (net of taxes)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      48</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (200</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (896</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">
      (6,447</font></td>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (1,299</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Cumulative
      effect of change in accounting principle</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;for
      goodwill (net of taxes)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (30,162</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Net
      income (loss)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      19,423</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (14,598</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      8,934</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1,547</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      17,191</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Income
      (loss) per common share:</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Income
      from continuing operations:</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.92</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.61</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.02</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      .77</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.62</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.88</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.57</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.02</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      .77</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.62</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Discontinued
      operations:</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.02</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.10</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.62</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.11</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.02</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.10</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.62</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (.11</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Cumulative
      effect of change in accounting</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;principle
      for goodwill:</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (3.08</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (3.01</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Net
      income (loss):</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.92</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (1.49</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      .92</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      .15</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.51</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.88</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      (1.46</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      .92</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      .15</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1.51</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><i><font face="Times New Roman, Times, serif" size="2">Financial
      Data:</font></i></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Working
      capital</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      29,700</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      24,067</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      12,816</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      23,400</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      42,669</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Total
      assets</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      160,104</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      145,396</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      156,975</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      159,298</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      156,044</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Long-term
      obligations</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      27,737</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      39,102</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      43,936</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      58,275</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      46,451</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Stockholders&#146;
      equity</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      93,653</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      70,104</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      81,210</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      72,164</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">(3)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      84,089</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(1) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Refers
to the operations of the Company&#146;s discontinued axle and tire refurbishing operation.</I> </FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(2) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>After
a non-cash charge of   $6.9 million in 2000 to reflect an impairment related to the
Company&#146;s axle and tire refurbishing operation</I> </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(3) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>In
2000, the Company purchased treasury stock for   $13.5 million.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>13 </FONT></P>
<HR SIZE=5 NOSHADE>

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<BR>





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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 7. MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Management&#146;s  Discussion and Analysis of Financial Condition and Results of Operations
should be read in conjunction with the Company&#146;s historical Consolidated Financial
Statements and Notes thereto included in Item 8 of this Report. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has two reportable operating segments, the recreational vehicle products segment
(the &#147;RV segment&#148;) and the manufactured housing products segment (the &#147;MH segment&#148;).  The
RV segment,  which  accounted for 62 percent of  consolidated  net sales for 2003 and 53
percent of  consolidated  net sales for 2002,  manufactures  a variety of products  used
in the  production of recreational  vehicles,  including windows,  doors, chassis,
 chassis parts, RV slide-out mechanisms and related power units, and electric stabilizer
jacks. The MH segment,  which accounted for 38 percent of consolidated  net sales for
2003 and 47 percent of consolidated net sales in 2002,  manufactures a variety of
components used in the construction of manufactured  homes, and to a lesser extent,
modular housing and office units, including vinyl and aluminum windows and screens,
chassis, chassis parts and thermo-formed bath and shower units. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
shift in sales  between  segments  resulted  partly from the growth in the RV industry
and the decline in the MH industry.  Intersegment  sales and sales to  industries  other
than manufacturers of RVs and manufactured homes are insignificant. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s operations are conducted through its operating  subsidiaries.  Its two primary
operating  subsidiaries,  Kinro, Inc. (&#147;Kinro&#148;) and Lippert Components,  Inc. (&#147;LCI&#148;),
 have operations in both the MH and RV segments. At December 31, 2003, the Company&#146;s
subsidiaries operated 41 plants in 17 states and one in Canada. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>INDUSTRY BACKGROUND</FONT></H2>

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<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Recreational Vehicle
Industry</I> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Recreational Vehicle Industry  Association (&#147;RVIA&#148;) reported a three percent increase in
total industry shipments of recreational  vehicles (&#147;RVs&#148;) in 2003, while industry
shipments of travel trailers and fifth wheel RVs only, the Company&#146;s  primary  market,
 increased nine percent for 2003. The 2003 growth builds upon 2002, when the RVIA
reported an increase of 21 percent in total RV shipments to near record  levels and an
increase of 25 percent for travel  trailers  and fifth wheel RVs for the year.
 Increasing  industry RV sales are expected to continue to be driven by positive
 demographics,  as demand for RVs is strongest from the over 50 age group,  which is the
fastest growing  segment of the  population.  Industry growth also continues to be
bolstered by the preference for domestic  vacations,  rather than foreign travel,  and
low interest rates. In recent years,  the RVIA has employed an advertising  campaign to
attract  customers in the 35 to 54 age group, and the number of RV&#146;s owned by those 35 to
54 grew faster than all other age groups. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Manufactured Housing
Industry</I> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of limited credit  availability  for purchases of manufactured  homes,  high
interest rate spreads between  conventional  mortgages on site built homes and chattel
loans for manufactured  homes, and unusually high repossessions of manufactured homes,
 industry  production has declined  approximately 65 percent since 1998 to 131,000 homes
in 2003, the lowest production level in 40 years. However,  based upon industry reports,
 retail sales of manufactured homes have declined much less severely to an estimated
250,000 homes in 2003. However,  almost 50 percent of these  retail  sales have been
 filled by  inventory  reductions  by dealers and  manufacturers,  and the resale of
 repossessed  homes,  rather than new  production.  It has been  estimated  that
approximately 90,000 manufactured homes per year were repossessed in 2000 to 2002, with
estimates of 100,000 or more homes repossessed in 2003, far in excess of historical
repossession levels. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>14 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repossessions
and the limited availability of chattel loans for home buyers have been continuing
concerns for the manufactured housing industry.  However,  recently there have been some
signs that  repossessions  are beginning to ease and the retail  inventory of new and
 repossessed  homes per retail dealer  location has declined from December 2002 levels.
 The  availability  of financing for  manufactured  homes is expected to increase in 2004
as a result of Fannie Mae&#146;s  announcement in February 2004 that they were easing their
financing  requirements  for  manufactured homes. In addition,  Berkshire  Hathaway Inc.
 acquired  Clayton Homes in August 2003, and Clayton has since received  substantial
 funds to provide  financing for  manufactured  homes.  Long-term prospects for
manufactured housing are still favorable because it provides quality, affordable housing
which the country needs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of market share gains and efficiency  improvements,  Drew&#146;s MH segment has
remained profitable throughout this extended industry-wide slump. Based upon the
Company&#146;s current sales content per manufactured home, the Company has estimated that for
every 10,000 new manufactured  homes produced,  the Company&#146;s net sales should increase
 approximately   $10 million,  and the operating profit on the incremental sales should
be higher than current segment operating margins. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Steel Prices</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
mid December 2003 and continuing into 2004, the Company was notified by its steel
suppliers of  unprecedented  steel cost increases,  which through February 2004 have
aggregated more than 60 percent. Steel is one of the Company&#146;s primary raw materials.
 This situation apparently arose as the result of an increase in world-wide steel demand,
 particularly in China. In addition, due to the weakened  value of the United  States
 dollar,  which has  declined  about 15 percent  versus the Euro over the last year,  and
the  increased  cost of oceanic  shipping,  it has become uneconomical to import steel. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
response to the steel cost increases,  the Company took the following immediate actions:
 a) contacted other steel vendors,  both domestic and foreign, in an attempt to obtain
better pricing,  but to no avail; b) ordered as much steel as possible in December 2003,
and January and February 2004,  before the monthly cost increases became effective in
each month; c) raised prices to customers,  which was followed with a second round of
price increases;  and d) cut operating costs wherever possible.  These actions were taken
quickly and as a result, the steel cost increases to date are not expected to have a
significant effect on 2004 results. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>RESULTS OF OPERATIONS</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales and operating profit are as follows <I>(in thousands):</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">Net
      sales:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;RV
      segment</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 219,505</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 171,094</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 107,504</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;MH
      segment</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">133,611</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">154,337</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">147,266</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 353,116</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 325,431</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 254,770</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Operating
      profit:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;RV
      segment</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 24,779</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16,162</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,208</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;MH
      segment</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">14,358</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">16,900</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15,940</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Amortization
      of intangibles</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(782</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(746</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2,591</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Corporate
      and other</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(4,078</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(3,103</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2,212</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 34,277</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 29,213</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 20,345</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>15 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales and operating profit by segment, as a percent of the total, are as
follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td colspan=2 nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
  </tr>
  <tr align="center">
    <td colspan=2 nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
  </tr>
  <tr>
    <td colspan=2><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Net
      sales:</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;RV
      segment</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">62</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">53</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">42</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;MH
      segment</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">38</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">47</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">58</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr>
    <td colspan=2><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr>
    <td colspan=2><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8>
      <hr NOSHADE size=2>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Operating
      profit:</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;RV
      segment</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">72</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">55</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">45</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;MH
      segment</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">42</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">58</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">78</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Amortization
      of intangibles</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(12</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Corporate
      and other</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(12</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(11</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(11</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)%</font></td>
  </tr>
  <tr>
    <td colspan=2><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">%</font></td>
  </tr>
  <tr>
    <td colspan=2><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8>
      <hr NOSHADE size=2>
    </td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Year Ended December 31,
2003 Compared to Year Ended December 31, 2002</FONT></H2>

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<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Consolidated Highlights</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income
from continuing operations was up 23 percent in 2003, to a record   $19.4 million. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating
profit margin increased to 9.7% for 2003, from 9.0 percent in 2002. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net
sales grew by 9 percent. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
October 3, the Company completed the acquisition of Indiana-based ET&amp;T Frames,  Inc.  (&#147;ET&amp;T&#148;),  a
manufacturer of specialty chassis and towable RV chassis products with annual sales
                               of approximately   $7 million, for   $3.6 million. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
July 17, the Company  completed the acquisition of Kansas-based  LTM  Manufacturing,  LLC
(&#147;LTM&#148;),  a manufacturer of innovative RV products with annual sales of  approximately
   $4.5                                million, for   $4.1 million. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>RV Segment</I> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales of the RV segment  increased    $48.4 million (28 percent) from 2002,  largely due
to increases in the Company&#146;s  market share of all its primary RV product lines,
 including RV slide-out  mechanisms and related power units,  chassis, and windows and
doors. Sales of RV slide-out mechanisms and related power units doubled from 2002, to
approximately   $37 million. The growth of this segment also resulted from the
 industry-wide  growth in RV shipments,  in particular the Company&#146;s  primary market of
travel  trailers and fifth wheel RVs, as well as the continued  trend towards using more
slide-out  mechanisms in travel trailers and fifth wheel RVs.  Long-term  growth in
industry-wide  RV sales may result from  demographic  trends,  as demand for RVs is
strongest from the over 50 age population,  which is the fastest growing segment of the
population,  although RV sales may be subject to periodic swings. There were no
significant changes in sales prices by the Company&#146;s RV segment in 2003. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 acquisitions  of LTM and ET&amp;T,  completed  in 2003,  added only  approximately    $4
 million  in sales in 2003,  but have  substantial  growth  potential  to exceed  their
 combined pre-acquisition annual historical sales of approximately   $11.5 million.
 Recently,  the Company&#146;s research and development  departments designed and developed
new products such as leveling systems and slide out mechanisms for motor homes,  and bath
and shower units for RVs. The Company plans to  aggressively  market these products in
2004. For 2003, the Company only had minimal sales to the motor home segment of the RV
industry. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>16 </FONT></P>
<HR SIZE=5 NOSHADE>

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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
profit of the RV segment  increased   $8.6 million (53 percent) in 2003 over 2002. This
growth is attributable to both an increase in unit sales and an increase in the segment&#146;s
operating profit margin.  Operating profit margin increased to 11.3 percent for 2003 from
9.4 percent in 2002 primarily  because of (i) the spreading of fixed costs over higher
sales; (ii) greater purchasing  leverage for certain  components;  (iii) improved
 operating  efficiencies;  and (iv) temporarily  moderate steel costs during the middle
of 2003. The Company was notified by its steel suppliers of  unprecedented  steel cost
 increases  which began in late 2003 and  accelerated in 2004, and have now  aggregated
 more than 60 percent as described in &#147;Industry  Background&#148;  above. Partially
 offsetting these increases in operating profit margin were legal and other costs related
to the settlement of patent  litigation on the Company&#146;s  slide-out  mechanisms in
February 2003 and higher health and workers compensation insurance costs. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>MH Segment</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales of the MH segment  declined   $20.7 million (13 percent) in 2003,  which was less
of a decline than that  experienced  by the industry as a whole.  The Company has
captured market share and increased sales of products for modular homes and office units
 partially  offsetting the sales reduction  caused by the decline in industry  shipments.
 There were no significant changes in sales prices by the Company&#146;s MH segment during
2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
profit of the MH segment decreased   $2.5 million (15 percent) in 2003 largely because of
the decline in sales. This segment&#146;s  operating profit margin was 10.7 percent of sales
in 2003, which was slightly lower than the 11.0 percent achieved for 2002,  primarily
because of higher health and workers  compensation  insurance costs and the negative
impact of lower volume on fixed costs,  partially offset by temporarily  moderate steel
costs during the middle of 2003. The Company was notified by its steel suppliers of
unprecedented  steel cost increases which began in late 2003 and accelerated in 2004, and
have now aggregated more than 60 percent as described in &#147;Industry  Background&#148; above.
 Selling,  general and  administrative  expenses for 2003 were down in dollar terms
following the trend of sales. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of November 30, 2003, the Company evaluated the fair value of the goodwill associated
with the MH segment,  which had a book value of   $3.2 million,  and determined that no
impairment had occurred. The Company will continue to monitor such goodwill in light of
conditions in the MH industry. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Corporate and Other</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
and other expenses  increased    $975,000,  primarily as a result of higher Directors and
Officers  insurance costs ($101,000),  incentive  compensation due to increased profits
($151,000),  stock option expense  resulting from the adoption of SFAS 123 ($120,000),
 expenses  associated  with the listing of the Company&#146;s stock on the New York Stock
Exchange  ($203,000) and expenses related to corporate governance due to the
implementation of the Sarbanes-Oxley requirements ($225,000). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Year Ended December 31,
2002 Compared to Year Ended December 31, 2001</FONT></H2>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>RV Segment</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RV segment  achieved a 59 percent net sales increase in 2002, as a result of industry
growth and a significant  increase in the market share of both its RV chassis and its RV
window and door product lines. In addition,  the  introduction  of slide-out  mechanisms
and related  components to the RV chassis  product line was a major  contribution to the
segment&#146;s sales increase, accounting for sales of approximately 10 percent of segment net
sales. The sales gains of the RV segment far exceeded the 21 percent increase in
industry-wide shipments of RV&#146;s in 2002. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2002, the Company acquired the business and certain assets of the RV chassis
division of Elkhart,  Indiana-based  Quality Frames,  Inc., with chassis sales of
approximately   $7 million. Production of these chassis was moved to the Company&#146;s
existing manufacturing facilities. In addition, the Company is also selling other
products to these new customers. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>17 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TABLE>
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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
profit of the RV segment  increased   $7.0 million (76 percent) in 2002 over 2001. This
increase is primarily  attributable to the increase in sales. The segment&#146;s profit margin
increased  to 9.4 percent for 2002 from 8.6 percent for 2001,  primarily  because of the
effect of fixed costs and higher  sales as well as improved  operating  efficiencies  of
this fast  growing segment, which more than offset the effect of the higher steel costs
experienced in the second half of 2002. There were no significant selling price increases
in 2001 and 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>MH Segment</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
sales of the MH segment increased 5 percent in 2002, despite the 13 percent decline in
industry-wide  production of manufactured homes. Excluding sales of the Better Bath
operation, acquired in June 2001,  sales of this segment  increased 1 percent in 2002.
The Company  outperformed the industry  primarily  because of market share gains from
sales of its high-end vinyl window products. In early October 2002, the Company expanded
its capacity in order to accommodate the increased demand for these vinyl window products. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
operating  profit margin of the MH segment  increased  slightly to 11.0 percent in 2002
from 10.8 percent in 2001.  The 2002 results were enhanced by the improved  operating
 profit margin achieved by Better Bath,  partially as a result of reduced product costs,
and lower selling,  general and administrative  costs. This improvement in operating
profit margins by Better Bath, was  partially  offset by  substantial  increases  in
certain  steel costs,  primarily  as a result of new import  tariffs.  Steel costs in
early 2003 remain  significantly  higher than during the comparable  period in 2002. The
Company has had some success in passing a portion of these  increases on to its
customers.  Also,  labor costs  increased on the Company&#146;s fast growing vinyl window
product line as a result of capacity constraints,  which have been alleviated by the
addition of a new production line in Alabama, opened in October 2002. Higher sales caused
selling,  general and administrative  expenses to increase,  but such costs were stable
as a percentage of sales.  Included in selling,  general and administrative  costs in
2002 is a charge of   $0.5 million relating to the chapter 11 filing of Oakwood Homes. As
of December 31, 2002, the Company had fully reserved the   $0.8 million pre-bankruptcy
receivable from this customer. The Company continues to sell to Oakwood Homes pursuant to
authorization of the Bankruptcy Court. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Amortization of
Intangibles</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
 of  intangibles  decreased    $1,845,000 in 2002 from 2001,  primarily as a result of
the Company&#146;s  adoption of Statement of Financial  Accounting  Standards No. 142, which
requires that goodwill and intangible assets with indefinite lives no longer be
amortized, but rather be tested for impairment at least annually. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following schedule shows pro forma income for the year ended December 31, 2001, excluding
goodwill amortization expense <I>(in thousands, except per share data):</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td rowspan="5" nowrap>&nbsp;</td>
    <td rowspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31, 2001</font></b></td>
  </tr>
  <tr>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td colspan="2" align=center rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Net <br>
      Income<br>
      </font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Earnings
      Per Share</font></b></td>
  </tr>
  <tr valign=Bottom>
    <td colspan="5" nowrap>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td colspan="2" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Basic</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Diluted</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      from continuing operations, as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,830</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.02</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.02</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Goodwill
      amortization expense, net of taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,623</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.17</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.16</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro
      forma income from continuing operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 11,453</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.19</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.18</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Corporate and Other</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
and other expenses for the year 2002, were   $891,000 higher than last year, as a
result of increases in incentive compensation based upon higher profits, higher
professional fees for special projects, a new investor relations program, and
increased insurance and benefit costs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>18 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 18; page: 18" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Cumulative Effect of
Change in Accounting Principle for Goodwill</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the first quarter of 2002, in accordance with the goodwill impairment provisions
of SFAS No. 142, the Company identified its reporting units and allocated its
assets and liabilities, including goodwill, to its reporting units. In addition,
the Company had a valuation of certain of its reporting units done by an
independent appraiser, as of January 1, 2002, to assist the Company in
determining if there had been an impairment in the goodwill of any of such
reporting units. Based on this appraisal and additional analyses performed by
the Company, it was determined that there had been an impairment of goodwill in
two reporting units. As a result, the Company recorded an impairment charge of
  $32,905,000 offset by a tax benefit of   $2,743,000. Such charge has been recorded
as a cumulative effect of change in accounting principle. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
substantial portion of the impairment charge related to the 1997 acquisition of
LCI. At the time of that acquisition, LCI was primarily involved in the MH
segment, and was just beginning its RV products business. Since that time the MH
industry has declined substantially causing a reduction in LCI&#146;s MH sales
and profits. During the same period, LCI&#146;s RV business has grown very
substantially in both sales and profits. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of November 30, 2002, the Company reevaluated the fair value of the remaining
goodwill, which had a book value of   $7.0 million, and determined that no
additional impairment had occurred. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Interest
Expense, Net</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
expense, net decreased   $0.5 million to   $3.0 million in 2003, as a result of
reductions in debt levels, and to a lesser extent, savings resulting from
interest rate reductions. The interest expense for 2003 also includes   $228,000
related to imputed interest on the liability recorded for minimum royalty
payments for fiscal years 2003 through 2006. Interest expense, net decreased
  $0.6 million to   $3.6 million in 2002, as a result of reductions in debt levels. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Provision for
Income Taxes</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
effective tax rate for 2003 was approximately 38.0%, compared to 38.5% in 2002
and 39.3% in 2001. The decline in the effective tax rate is due to a change in
the composition of pretax income for state tax purposes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Discontinued
Operations</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
axle and tire refurbishing business of LTA did not perform well from 2000
through 2002, primarily due to increased competition and the decline in the
manufactured housing industry, which severely affected operating margins. In
January 2001, the axle and tire refurbishing business closed two of its five
factories and in July 2001, a third such operation was sold. In September 2002,
the Company converted one of its two remaining axle and tire refurbishing
facilities to an RV window production facility. The last axle and tire
refurbishing operation was sold in January 2003 at a small gain. As a result,
the axle and tire refurbishing business of LTA is classified as discontinued
operations in the Consolidated Financial Statements pursuant to Statement of
Financial Accounting Standards (&#147;SFAS&#148;) No. 144, &#147;Accounting for
the Impairment or Disposal of Long-Lived Assets&#148; adopted by the Company
effective January 1, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTA
continues to own a factory in Texas which was previously utilized in its axle
and tire refurbishing business. This factory is being leased to the purchaser of
LTA&#146;s Texas operation. Since it is not probable that this factory will be
sold within one year, it is not considered as held for sale under SFAS No.144,
and is not included in discontinued operations in the Consolidated Financial
Statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proceeds from the disposition of all other significant assets of LTA&#146;s axle
and tire refurbishing business, consisting primarily of inventory and accounts
receivable, were collected in January 2003 and resulted in a small gain. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>19 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 19; page: 19" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discontinued axle and tire refurbishing business had previously been included in
the Company&#146;s MH segment, and had revenues of   $11.2 million and   $14.7
million, in 2002 and 2001, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Recently
Adopted and New Accounting Standards</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of April 1, 2002, the Company adopted the fair value method of accounting for
stock options contained in SFAS No. 123,&#148;Accounting for Stock-Based
Compensation,&#148; which is considered the preferable method of accounting for
stock-based employee compensation. During the transition period, the Company
will be utilizing the prospective method under SFAS No. 148 &#147;Accounting for
Stock-Based Compensation &#151; Transition and Disclosures.&#148; All employee
stock options granted after January 1, 2002 have been expensed over the stock
option vesting period based on fair value, determined using the Black-Scholes
option-pricing method, at the date the options were granted. This resulted in a
  $197,000 and   $10,000 charge to operations for the years ended December 31, 2003
and 2002, respectively, relating to options for 396,500 and 20,000 shares
granted in the fourth quarter of 2003 and 2002, respectively. Historically, the
Company had applied the &#147;disclosure only&#148; option of SFAS No. 123.
Accordingly, no compensation cost has been recognized for stock options granted
prior to January 1, 2002. Had the Company previously adopted this new accounting
policy, diluted earnings per share would have been reduced by   $.02 for 2003,
  $.04 for 2002 and   $.04 for 2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2001, the FASB issued SFAS No.143, &#147;Accounting for Asset Retirement
Obligations.&#148; SFAS No.143 requires companies to record a liability for
asset retirement obligations associated with the retirement of long-lived
assets. Such liabilities should be recorded at fair value in the period in which
a legal obligation is created, which typically would be upon acquisition or
completion of construction. The provisions of SFAS No. 143 are effective for
fiscal years beginning after June 15, 2002. Accordingly, the Company adopted the
provisions of SFAS No. 143 effective January 1, 2003. The implementation of SFAS
No. 143 did not have a material impact on the earnings or the financial position
of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
November 2002, the FASB issued Interpretation No. 45, &#147;Guarantor&#146;s
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others&#148; (&#147;FIN 45&#148;). FIN 45 requires
the guarantor to recognize a liability for the non-contingent component of a
guarantee; that is, the obligation to stand ready to perform in the event that
specified triggering events or conditions occur. The initial measurement of this
liability is the fair value of the guarantee at its inception. The recognition
of the liability is required even if it is not probable that payments will be
required under the guarantee or if the guarantee was issued with a premium
payment or as part of a transaction with multiple elements. FIN 45 also requires
additional disclosures related to guarantees. The recognition measurement
provisions of FIN 45 are effective for all guarantees entered into or modified
after December 31, 2002. FIN 45 also requires additional disclosures related to
guarantees in interim and annual financial statements. Accordingly, the Company
adopted the provisions of FIN 45, effective January 1, 2003. The implementation
of FIN 45 did not have an impact on the earnings or the financial position of
the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>LIQUIDITY AND
CAPITAL RESOURCES</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Statements of Cash Flows reflect the following <I>(in thousands):</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, Serif" size=2>Net
      cash flows provided by operating activities</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 31,541</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 12,200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> 28,166</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Net cash
      flows used for investing activities</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> (12,392</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> (12,013</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> (17,141</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>Net cash
      flows used for financing activities</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> (10,684</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> (1,062</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, Serif" size=2> (10,060</font></td>
    <td align=LEFT><font face="Times New Roman, Times, Serif" size=2>)</font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>20 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 20; page: 20" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Cash Flows from
Operations</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash flows from operating activities increased approximately   $19.3 million in
2003, as a result of a   $3.6 million increase in income from continuing
operations, as well as: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
smaller increase in accounts  receivable for 2003. The increase in accounts receivable
was lower than 2002, even though sales were higher in 2003, due to a reduction in the
days sales                      outstanding in receivables to approximately 19 days. This
was due to the timing of collections.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
decline in inventories  this year,  excluding the effect of business  acquisitions,
 compared to an increase in inventories in the prior year. The decline in the current
year resulted                      from a concerted  effort by  management to reduce
 inventories  at all  locations,  as well as strategic  buying of certain raw  materials
at December 31, 2002.  The inventory                      decrease is substantially  all
in raw materials,  as there was only  approximately a two week supply of finished goods
on hand at December 31, 2003 and 2002. The impact of the                      rise in
steel prices on inventory and the Company&#146;s strategic buying of steel before the steel
price increases took effect, did not impact inventory until 2004.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
decline in prepaid  expenses and other current  assets  compared to an increase in the
prior year. The decline in 2003 was primarily due to the  utilization of prepaid  Federal
income                      taxes and an escrow deposit, both of which were uses of cash
in 2002.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>d) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
above items were partially offset by a smaller increase in accounts  payable,  accrued
expenses and other current  liabilities.  This change is primarily from the timing of
payments                      and purchases at the end of 2003. Trade payables are
generally paid within the discount period.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash flows from operating activities declined approximately   $16.0 million in
2002, despite the   $6.6 million increase in income before the cumulative effect
of change in accounting principle for goodwill. The lower net cash flows from
operating activities in the current year is primarily attributable to: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An
increase in accounts receivable due to the increase in sales over the prior year. Days
sales outstanding of receivables were the same at December 2002 as they were at December
2001. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An
increase in inventories  this year compared to a decline in inventories in the prior
year.  Inventories at December 31, 2002 are up 46 percent from December 31, 2001 compared
to a 26                      percent  increase in sales in the fourth  quarter.  The
 difference  is  partially  attributable  to  strategic  buying of certain raw
 materials.  The  inventory  increase is                      substantially all in raw
materials; there is only approximately a two week supply of finished goods on hand at
December 31, 2002, and December 31, 2001.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
above items were partially offset by the increase in accounts payable,  accrued expenses
and other current  liabilities  resulting primarily from the timing of payment due dates
and                      purchases.  Trade  payables  increased in  proportion  to the
increase in  inventories.  Accruals for  incentive  compensation  based upon profits
 (affecting in excess of 150                      employees) were   $1.8 million higher
than at December 2001.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Cash Flows from
Investing Activities</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flows used for investing activities of   $12.4 million in 2003 consists of capital
expenditures ($5.1 million) and the acquisitions of LTM and ET&amp;T for a
combined   $7.4 million. The capital expenditures and acquisitions in 2003 were
funded with the Company&#146;s available cash. Cash flows used for investing
activities for 2002 of   $12.0 million include capital expenditures of   $10.5
million as well as   $2.1 million for acquisitions. Capital expenditures and the
acquisition in 2002 were funded by cash flow from operations and a new   $2.8
million Industrial Development Bond, which partially financed the construction
of a larger factory and related equipment to replace a leased facility to
provide additional capacity for the Company&#146;s vinyl window line. Capital
expenditures for 2004 are anticipated to be approximately   $14 million and are
expected to be funded by cash flows from operations. The budgeted capital
expenditures for 2004 include expanding glass tempering capacity, adding a
powder coat paint line, building a new facility to replace a leased facility and
certain projects which were deferred from 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>21 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 21; page: 21" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 17, 2003, the Company acquired Kansas-based LTM, with annual sales of
approximately   $4.5 million. LTM manufactures a variety of products for RVs,
including slide-out mechanisms and specialty slide-out trays for batteries, LP
tanks and storage, as well as electric stabilizer jacks, flexguard slide-out
wire protection systems, and slide-out patio decks. The purchase price was   $4.1
million, including   $250,000 of LTM&#146;s debt which the Company repaid on
closing. The purchase price was funded with   $3.8 million of Drew&#146;s
available cash and a   $350,000 note to the seller, bearing interest at the prime
rate, payable in equal installments over the next five years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 3, 2003, the Company acquired certain assets and liabilities of
Indiana-based ET&amp;T Frames, Inc. (&#147;ET&amp;T&#148;), with annual sales of
approximately   $7 million. ET&amp;T manufactures chassis primarily for specialty
trailer units, consisting of park models, office units, cargo trailers and, to a
lesser extent chassis for towable recreational vehicles. This acquisition
represents an expansion of Drew&#146;s chassis manufacturing business into
specialty chassis. The   $3.6 million purchase price included the accounts
receivable and certain inventory and fixed assets of ET&amp;T. Production of
ET&amp;T&#146;s products was immediately transferred to the Company&#146;s
existing factories, without adding any overhead. The purchase price was funded
with Drew&#146;s available cash. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Cash Flows from
Financing Activities</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
flows used for financing activities for 2003 include a net decrease in debt of
  $14.4 million, partially funded by   $3.7 million received from the exercise of
employee stock options. Cash flows used for financing activities for 2002
include a net decrease in debt of   $4.5 million partially funded by   $3.3 million
received from the exercise of employee stock options. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Availability
under the Company&#146;s line of credit was   $27.1 million at December 31, 2003,
net of   $2.9 million in letters of credit. Such availability, along with
anticipated cash flows from operations, is adequate to finance the
Company&#146;s working capital and anticipated capital expenditure requirements.
The Company is in compliance with all of its debt covenants and expects to
remain in compliance for the next twelve months. Certain of the Company&#146;s
loan agreements contain prepayment penalties. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December 31, 2003, the Company had outstanding   $16 million of 6.95 percent,
seven year Senior Notes. The notes originally aggregated   $40 million, and
repayment of these notes is   $8 million annually, of which the first three
payments were made annually since January 2001. A fourth scheduled payment of   $8
million was made in January 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
minimum commitments relating to the Company&#146;s contractual obligations at
December 31, 2003 are as follows <I>(in thousands):</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2004</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2005</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2006</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;After
      2006</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;Total</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">Long-term
      indebtedness</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,931</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,693</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 4,751</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 10,381</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 34,756</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Operating
      leases</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,094</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,682</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,021</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,205</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,002</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Employment
      contracts</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,793</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">699</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">269</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">155</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,916</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Royalty
      agreement</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,250</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,250</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,250</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">313</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,063</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16,068</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 13,324</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 7,291</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 12,054</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 48,737</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=2>
    </td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>22 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 22; page: 22" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>SUBSEQUENT
EVENT</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2004, the Company sold certain intellectual property rights relating to
a process used to manufacture a new composite material. Simultaneously with the
sale, the Company entered into an equipment lease and a license agreement with
the buyer. As a result, the Company plans to use the new composite material to
produce certain bath products for the manufactured housing, modular housing, and
recreational vehicle industries on an exclusive, royalty-free basis. This new
composite material will enable the Company to compete against fiberglass bath
products in these industries. The Company will also have the right to use the
new composite material on a royalty-free, non-exclusive basis to manufacture
various other products for the manufactured housing, modular housing, and
recreational vehicle industries. Sales of these new products, if any, are not
expected to be significant in 2004 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale price for the intellectual property rights was   $4.0 million, consisting of
cash of   $100,000 at closing and a note of   $3.9 million, payable over five years.
The note bears interest at increasing annual interest rates, and is secured by a
lien on the intellectual property rights sold, a right of offset against the
lease, and a guaranty. The note is convertible by the Company into an equity
interest in any new venture that the buyer may form to promote this process. In
February 2004, the Company received the first payment under the note for
  $400,000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drew
is evaluating the potential gain on sale, and currently anticipates that it will
record a first quarter pre-tax gain of approximately   $500,000 ($300,000, or   $.03
per diluted share, after tax) after all related costs and valuations. Future
gain, if any, will be recorded when any payments on the remaining   $3.5 million
balance of the note are received. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>CORPORATE
GOVERNANCE</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is in compliance with the new corporate governance requirements of the
Securities and Exchange Commission and the New York Stock Exchange. The
Company&#146;s governance documents and committee charters and key practices
have been posted to the Company&#146;s website (<I>www.drewindustries.com</I>)
and are updated periodically. The website also contains, or provides direct
links to all SEC filings, press releases and investor presentations. The Company
has also established a toll-free hotline to report complaints about the
Company&#146;s accounting, internal controls, auditing matters or other
concerns. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company received notification in November from Institutional Stockholders
Services, Inc., (&#147;ISS&#148;) a Rockville, Maryland-based independent
research firm that advises institutional investors, that Drew&#146;s corporate
governance policies outranked 99.9 percent of all companies listed in the
Russell 3000 index. Drew has no business relationships with ISS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>CONTINGENCIES</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI
is a defendant in an action entitled SteelCo, Inc. vs. Lippert Components,  Inc. and DOES
1 through 20, inclusive commenced in the Superior Court of the State of California,
 County of San Bernardino, San Bernardino District on July 16, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff
alleges that LCI violated certain provisions of the California Business and
Professions Code (Sec. 17000 et. seq.) by allegedly selling chassis and
component parts below LCI&#146;s costs, engaging in acts intended to destroy
competition, wrongfully interfering with plaintiff&#146;s economic advantage,
and engaging in unfair competition. Plaintiff seeks damages in an unspecified
amount, treble damages, punitive damages, costs and expenses incurred in the
proceeding and injunctive relief. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI
is vigorously defending against the allegations in the complaint, and has
asserted counterclaims against Plaintiff. The case is in discovery. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>23 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>CRITICAL
ACCOUNTING POLICIES</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s consolidated financial statements have been prepared in
conformity with accounting principles generally accepted in the United States of
America which requires that certain estimates and assumptions be made that
affect the amounts and disclosures reported in those financial statements and
the related accompanying notes. Actual results could differ from these estimates
and assumptions. The following critical accounting policies, some of which are
impacted significantly by judgments, assumptions and estimates, affect the
Company&#146;s consolidated financial statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Inventories</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories
(finished goods, work in process and raw materials) are stated at the lower of
cost, determined on a first-in, first-out basis, or market. Cost is determined
based solely on those charges incurred in the acquisition and production of the
related inventory (i.e. material, labor and manufacturing overhead costs). The
Company estimates an inventory reserve for excess quantities and obsolete items
based on specific identification and historical write-offs, taking into account
future demand and market conditions. If actual demand or market conditions in
the future are less favorable than those estimated, additional inventory
write-downs may be required. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Self Insurance</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is self-insured for certain health and workers&#146; compensation
benefits up to certain stop-loss limits. Such costs are accrued based on known
claims and an estimate of incurred, but not reported (IBNR) claims. IBNR claims
are estimated using historical lag information and other data provided by claims
administrators. This estimation process is subjective, and to the extent that
future actual results differ from original estimates, adjustments to recorded
accruals may be necessary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Income Taxes</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s effective tax rate is based on pre-tax income, statutory tax
rates and tax planning strategies. Significant management judgment is required
in determining the effective tax rate and in evaluating the Company&#146;s tax
position. The Company&#146;s accompanying Consolidated Balance Sheets include
certain deferred tax assets resulting from deductible temporary differences,
which are expected to reduce future taxable income. These assets are based on
management&#146;s estimate of realizability based upon forecasted taxable
income. Realizability of these assets is reassessed at the end of each reporting
period based upon the Company&#146;s forecast of future taxable income. Failure
to achieve forecasted taxable income could affect the ultimate realization of
certain deferred tax assets, and may result in the recording of a valuation
reserve. For additional information, see Note 9 of Notes to Consolidated
Financial Statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Impairment of
Long-Lived Assets</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company periodically evaluates whether events or circumstances have occurred
that indicate that long-lived assets may not be recoverable or that the
remaining useful life may warrant revision. When such events or circumstances
are present, the Company assesses the recoverability of long-lived assets by
determining whether the carrying value will be recovered through the expected
undiscounted future cash flows resulting from the use of the asset. In the event
the sum of the expected undiscounted future cash flows is less than the carrying
value of the asset, an impairment loss equal to the excess of the asset&#146;s
carrying value over its fair value would be recorded. The long-term nature of
these assets requires the estimation of its cash inflows and outflows several
years into the future. Actual results and events could differ significantly from
management estimates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Impairment of
Goodwill and Other Intangible Assets</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
and other intangible assets are evaluated for impairment at the reporting unit
level on an annual basis and between annual tests whenever events or
circumstances indicate that the carrying value of a reporting unit may exceed
its fair value. The Company conducts its required annual impairment test during
the fourth quarter of each fiscal year. The impairment test uses a discounted
cash flow model to estimate the fair value of a reporting unit. This model
requires the use of long-term planning forecasts and assumptions regarding
industry-specific economic conditions that are outside the control of the
Company. Actual results and events could differ significantly from management
estimates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>24 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 24; page: 24" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Stock Options</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of April 1, 2002, the Company adopted the fair value method of accounting for
stock options contained in SFAS No. 123, &#147;Accounting for Stock-Based
Compensation,&#148; which is considered the preferable method of accounting for
stock options. As a result, the fair value of all employee stock options granted
after January 1, 2002 is being charged against earnings over the period of time
during which the options vest. To determine fair value, the Company uses a
method known as the Black-Scholes option-pricing method. Fair value is
determined as of the date the option is granted. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of options granted before January 1, 2002 are not being charged
against earnings since the Company is using the prospective method, as allowed
under SFAS No. 148 &#147;Accounting for Stock-Based Compensation &#151;
Transition and Disclosures.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
past years, the &#147;disclosure only&#148; option of SFAS No. 123 was used.
Therefore, no compensation cost was charged against earnings for stock options
granted before January 1, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company had charged compensation cost of options granted prior to January 1,
2002 to earnings, by using the prospective method under SFAS No. 148, net income
(loss) would have been reduced to the pro forma amounts indicated below: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">Net
      income (loss), as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 19,423</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (14,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,934</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Add: Stock-based
      employee compensation</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;expense
      for stock options included in reported net</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;income
      (loss), net of related tax effects</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">122</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">6</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Deduct:
      Total stock-based employee</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;compensation
      expense for stock options determined</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;under
      fair value method for all stock option awards,</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;net
      of related tax effects</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(409</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(392</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(415</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Pro forma
      net income (loss)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 19,136</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (14,984</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,519</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Net income
      (loss) per common share:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Basic
      &#150; as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.49</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Basic
      &#150; pro forma</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.90</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.53</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Diluted
      &#150; as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.46</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Diluted
      &#150; pro forma</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.86</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.50</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Other Estimates</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company makes a number of other estimates and judgments in the ordinary course
of business related to product returns, doubtful accounts, warranty obligations,
lease terminations and asset retirement obligations, post retirement benefits,
and contingencies and litigation. Establishing reserves for these matters
requires management&#146;s estimate and judgment with regard to risk and
ultimate liability or realization. As a result, these estimates are based on
management&#146;s current understanding of the underlying facts and
circumstances and may also be developed in conjunction with outside advisors, as
appropriate. Because of uncertainties related to the ultimate outcome of these
issues or the possibilities of changes in the underlying facts and
circumstances, additional charges related to these issues could be required in
the future. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>25 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>INFLATION</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
prices of raw materials, consisting primarily of steel, vinyl, aluminum, glass
and ABS resin, are influenced by demand and other factors specific to these
commodities rather than being directly affected by inflationary pressures.
Prices of certain commodities have historically been volatile. The Company
experienced modest increases in its labor costs in 2003 and 2002 related to
inflation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 7A.  QUANTITATIVE
AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is exposed to market risk in the normal course of its operations due to
its purchases of certain commodities and its financing activities. Certain raw
materials, particularly steel, aluminum, vinyl, glass and ABS resins are subject
to price volatility. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is exposed to changes in interest rates primarily as a result of its
financing activities. At December 31, 2003, the Company had approximately   $32.1
million of fixed rate debt. Assuming there is a decrease of 100 basis points in
the interest rate for borrowings of a similar nature subsequent to December 31,
2003, which the Company becomes unable to capitalize on in the short-term as a
result of the structure of its fixed rate financing, future cash flows would be
approximately   $321,000 lower per annum, than if the fixed rate financing could
be obtained at current market prices. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December 31, 2003, the Company had no outstanding borrowings on its   $30 million
line of credit. At December 31, 2003, the Company had   $2.7 million of variable
rate debt. Assuming there is an increase of 100 basis points in the interest
rate for borrowings under these variable rate loans subsequent to December 31,
2003, and outstanding borrowings of   $2.7 million, future cash flows would be
affected by   $27,000 per annum. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Company is exposed to changes in interest rates as a result of
temporary investments in money market funds, however, such investing activity is
not material to the Company&#146;s financial position, results of operations, or
cash flow. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the actual change in interest rates is substantially different than 100 basis
points, the net impact of interest rate risk on the Company&#146;s cash flow may
be materially different than that disclosed above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>26 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 8.  FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA.</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Consolidated Statements of Income</B><BR><I>(In
thousands, except per share amounts)</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year Ended December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Net
      sales</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 353,116</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 325,431</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 254,770</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Cost of
      sales</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">266,435</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">246,844</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">194,309</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Gross
      profit</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">86,681</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">78,587</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">60,461</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Selling,
      general and administrative expenses</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">52,404</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">49,374</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">40,116</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Operating
      profit</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">34,277</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">29,213</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">20,345</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Interest
      expense, net</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,034</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,566</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,151</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Income
      from continuing operations before income taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
      cumulative effect of change in accounting principle</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">31,243</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">25,647</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">16,194</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Provision
      for income taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">11,868</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,883</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">6,364</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Income
      from continuing operations before cumulative effect</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
      change in accounting principle</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">19,375</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15,764</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,830</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Discontinued
      operations (net of taxes)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">48</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(896</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Income
      before cumulative effect of change in accounting principle</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">19,423</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15,564</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,934</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Cumulative
      effect of change in accounting principle for goodwill</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;(net
      of taxes of $2,743)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(30,162</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Net income
      (loss)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 19,423</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (14,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,934</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      (loss) per common share:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Income
      from continuing operations before cumulative</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;effect
      of change in accounting principle:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.61</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.02</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.57</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.02</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Discontinued
      operations, net of taxes:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (.02</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (.10</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (.02</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (.10</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Cumulative
      effect of change in accounting principle</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
      goodwill, net of taxes:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (3.08</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (3.01</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Net
      income (loss):</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.49</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.46</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>The accompanying notes
are an integral part of these consolidated financial statements.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>27 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Consolidated Balance Sheets</B><BR><I>(In
thousands, except shares and per share amount)</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr>
    <td></td>
    <td colspan=5 align="left"></td>
    <td></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=5 align="left"></td>
    <td></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=5 align="left"></td>
    <td></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=5 align="left"></td>
    <td></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=5 align="left"></td>
    <td></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">ASSETS</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Current
      assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      and cash equivalents</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,781</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 316</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      receivable, trade, less allowances of</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,400
      in 2003 and $1,354 in 2002</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">14,844</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">12,969</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">37,311</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">37,143</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid
      expenses and other current assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,478</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,618</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,211</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">68,414</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">60,257</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Fixed assets,
      net</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">72,211</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">74,041</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Goodwill</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">12,333</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,043</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Other intangible
      assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,953</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">814</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Other assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,193</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,241</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 160,104</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 145,396</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">LIABILITIES
      AND STOCKHOLDERS&#146; EQUITY</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Current
      liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
      payable, including current maturities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
      long-term indebtedness</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,931</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,993</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      payable, trade</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,089</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,998</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
      expenses and other current liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">19,694</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">17,699</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">500</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">38,714</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">36,190</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Long-term
      indebtedness</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">24,825</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">38,812</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Other long-term
      liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,912</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">290</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 66,451</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 75,292</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Commitments
      and contingencies</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Stockholders&#146;
      equity</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
      stock, par value $.01 per share: authorized</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,000,000
      shares; issued 12,353,168 shares in 2003 and</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,084,788
      shares in 2002</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">124</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">121</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in
      capital</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">32,691</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">28,568</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained
      earnings</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">80,305</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">60,882</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">113,120</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">89,571</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Treasury
      stock, at cost -2,149,325 shares in 2003 and 2002</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(19,467</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(19,467</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      stockholders&#146; equity</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">93,653</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">70,104</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities and stockholders&#146; equity</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 160,104</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 145,396</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>The accompanying notes
are an integral part of these consolidated financial statements.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>28 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Consolidated Statements of Cash Flows</B><BR><I>(In
thousands)</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">Cash
      flows from operating activities:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income (loss)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 19,423</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (14,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,934</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments
      to reconcile net income (loss) to cash flows</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided
      by operating activities:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative
      effect of change in accounting principle</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
      goodwill, net of taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">30,162</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations, net of taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(48</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">896</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      from continuing operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">19,375</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15,764</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,830</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
      for doubtful accounts</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">106</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">837</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">181</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
      and amortization</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,863</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,332</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,332</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">383</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,748</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(37</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss
      on disposal of fixed assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">125</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">156</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
      stock compensation</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">411</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">83</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
      in assets and liabilities, net of business acquisitions:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      receivable, net</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(1,107</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(3,313</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,430</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">218</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(11,501</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,244</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid
      expenses and other assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,524</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(4,542</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(692</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
      payable, accrued expenses and other liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">926</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,534</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,516</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash flows provided by continuing</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating
      activities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">30,791</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">11,067</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">26,960</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      (loss) from discontinued operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">48</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(896</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
      in discontinued operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">702</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,333</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,102</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash flows provided by operating activities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">31,541</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">12,200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">28,166</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Cash flows
      from investing activities:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
      expenditures</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(5,073</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(10,538</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(8,194</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business
      acquisitions, net of cash acquired</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(7,397</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2,070</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(11,492</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
      from sales of fixed assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">78</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">595</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,545</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash flows used for investing activities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(12,392</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(12,013</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(17,141</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Cash flows
      from financing activities:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds
      from line of credit and other borrowings</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">31,550</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">77,350</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">78,916</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments
      under line of credit and other borrowings</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(45,949</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(81,866</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(88,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise
      of stock options</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,715</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,348</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">112</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">106</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(490</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      cash flows used for financing activities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(10,684</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(1,062</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(10,060</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      increase (decrease) in cash</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,465</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(875</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">965</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Cash and
      cash equivalents at beginning of year</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">316</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,191</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">226</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Cash and
      cash equivalents at end of year</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,781</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 316</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1,191</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Supplemental
      disclosure of cash flows information:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
      paid during the year for:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
      on debt</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,071</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,895</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 4,567</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      taxes, net of refunds</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,449</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 10,038</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 4,998</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>The accompanying notes
are an integral part of these consolidated financial statements.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>29 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 29; page: 29" -->

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<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Consolidated Statements of
Stockholders&#146; Equity</B><BR><I>(In thousands, except shares)</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Common<br>
      Stock<br>
      </font></b></td>
    <td nowrap>&nbsp;</td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Paid-in<br>
      Capital<br>
      </font></b></td>
    <td nowrap>&nbsp;</td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Retained<br>
      Earnings<br>
      </font></b></td>
    <td nowrap>&nbsp;</td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Treasury<br>
      Stock <br>
      </font></b></td>
    <td nowrap>&nbsp;</td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Total
      <br>
      Stockholders&#146;<br>
      Equity <br>
      </font></b></td>
    <td nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT><b><font face="Times New Roman, Times, serif" size="2">Balance
      -December 31, 2000</font></b></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 118</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 24,967</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 66,546</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (19,467</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 72,164</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Net income</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,934</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,934</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Issuance
      of 14,324 shares of common stock</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;pursuant
      to stock option plan</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">99</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">99</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      tax benefit relating to issuance of</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;common
      stock pursuant to stock option plan</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">13</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">13</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><b><font face="Times New Roman, Times, serif" size="2">Balance
      -December 31, 2001</font></b></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">118</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">25,079</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">75,480</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(19,467</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">81,210</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Net loss</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(14,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(14,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Issuance
      of 264,710 shares of common stock</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;pursuant
      to stock option plan</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,877</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,880</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      tax benefit relating to issuance of</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;common
      stock pursuant to stock option plan</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">468</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">468</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Deferred
      stock compensation expense and other</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">144</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">144</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><b><font face="Times New Roman, Times, serif" size="2">Balance
      -December 31, 2002</font></b></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">121</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">28,568</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">60,882</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(19,467</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">70,104</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Net income</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">19,423</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">19,423</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Issuance
      of 268,380 shares of common stock</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;pursuant
      to stock option plan</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,848</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,851</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      tax benefit relating to issuance of</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;common
      stock pursuant to stock option plan</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">864</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">864</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Deferred
      stock compensation expense</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">411</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">411</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><b><font face="Times New Roman, Times, serif" size="2">Balance
      -December 31, 2003</font></b></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 124</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 32,691</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 80,305</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (19,467</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 93,653</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=14 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>The accompanying notes
are an integral part of these consolidated financial statements.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>30 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Notes to
Consolidated Financial Statements</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Basis of Presentation</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Consolidated Financial Statements include the accounts of Drew Industries
Incorporated and its subsidiaries. There are no unconsolidated subsidiaries.
Drew&#146;s wholly-owned active subsidiaries are Kinro, Inc. and its
subsidiaries (&#147;Kinro&#148;) and Lippert Components, Inc. and its
subsidiaries (&#147;LCI&#148;). Drew, through its wholly-owned subsidiaries,
supplies a broad array of components for recreational vehicles and manufactured
homes. All significant intercompany balances and transactions have been
eliminated. Certain prior year balances may have been reclassified to conform to
current presentation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufactured
products include vinyl and aluminum windows and doors, chassis, chassis parts,
RV slide- out mechanisms and related power units, electric stabilizer jacks, and
bath and shower units. The axle and tire refurbishing business of Lippert Tire
and Axle, Inc. (&#147;LTA&#148;), the Company&#146;s wholly-owned subsidiary,
has been discontinued. The last of LTA&#146;s operations was sold in January
2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximately
62 percent of the Company&#146;s sales in 2003 were made by its recreational
vehicles products segment and 38 percent were made by its manufactured housing
products segment. At December 31, 2003, the Company operated 41 plants in 17
states and one plant in Canada. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Cash and Cash
Equivalents</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company considers all highly liquid investments with a maturity of three months
or less at the time of purchase to be cash equivalents. Investments, which
consist of money market funds, are recorded at cost which approximates market
value. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Inventories</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories
are stated at the lower of cost (using the first-in, first-out method) or
market. Cost includes material, labor and overhead; market is replacement cost
or realizable value after allowance for costs of distribution. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Fixed Assets</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed
assets are depreciated on a straight-line basis over the estimated useful lives
of properties and equipment. Leasehold improvements and leased equipment are
amortized over the shorter of the lives of the leases or the underlying assets.
Maintenance and repairs are charged to operations as incurred; significant
betterments are capitalized. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Income Taxes</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company accounts for income taxes under the provisions of SFAS No. 109,
&#147;Accounting for Income Taxes.&#148; Deferred tax assets and liabilities are
determined based on the temporary differences between the financial reporting
and tax bases of assets and liabilities, applying enacted statutory tax rates in
effect for the year in which the differences are expected to reverse. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Goodwill and
Other Intangible Assets</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
January 1, 2002, the Company adopted the provisions of Statement of Financial
Accounting Standards (&#147;SFAS&#148;) No. 141, &#147;Business
Combinations&#148; and SFAS No. 142, &#147;Goodwill and Other Intangible
Assets.&#148; SFAS No. 141 requires that all business combinations initiated
after June 30, 2001 be accounted for using the purchase method of accounting. It
also specifies criteria that intangible assets acquired in a purchase
combination must meet to be recognized apart from goodwill. SFAS No. 142
requires that the useful lives of all existing intangible assets be reviewed and
adjusted if necessary. It also requires that goodwill and intangible assets with
indefinite lives no longer be amortized, but rather be tested for impairment
annually, or more frequently if events and circumstances indicate that the asset
might be impaired. Other intangible assets will continue to be amortized over
their useful lives and reviewed for impairment in accordance with SFAS No. 144,
&#147;Accounting for the Impairment of Long-Lived Assets to Be Disposed
Of.&#148; </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>31 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with SFAS No. 142, the Company stopped amortizing goodwill effective
January 1, 2002. The Company has reassessed the useful lives of its intangible
assets as required by SFAS No. 142 and determined that the existing useful lives
are reasonable. Prior to the adoption of SFAS No. 142, goodwill was amortized on
a straight-line basis primarily over twenty to thirty years. The Company
periodically reviewed the value of its goodwill to determine if impairment had
occurred. The Company measured the potential impairment of recorded goodwill by
the undiscounted value of expected future operating cash flows in relation to
the goodwill and other long-lived assets of the subsidiary. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Impairment of
Long-Lived Assets</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SFAS
No. 144 provides a single  accounting model for long-lived  assets to be disposed of.
SFAS No. 144 also changes the criteria for classifying an asset as held for sale; and
broadens the scope of businesses to be disposed of that qualify for reporting as
discontinued  operations and changes the timing of recognizing  losses on such
operations.  The Company adopted SFAS No. 144 on January 1, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with SFAS No. 144, long-lived assets, such as fixed assets and
purchased intangibles subject to amortization, are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. Recoverability of assets to be held and used is
measured by a comparison of the carrying amount of an asset to estimated
undiscounted future cash flows expected to be generated by the asset. If the
carrying amount of an asset exceeds its estimated future cash flows, an
impairment charge is recognized by the amount by which the carrying amount of
the asset exceeds the fair value of the asset. Assets to be disposed of are
separately presented in the balance sheet and reported at the lower of the
carrying amount or fair value less costs to sell, and are no longer depreciated.
The assets and liabilities of a disposed group classified as held for sale would
be presented separately in the appropriate asset and liability sections of the
balance sheet. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the adoption of SFAS No. 144, the Company  accounted for long-lived  assets in
accordance with SFAS No. 121,  &#147;Accounting for Impairment of Long-Lived Assets and for
Long-Lived Assets to be Disposed Of.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Stock Options</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of April 1, 2002, the Company adopted the fair value method of accounting for
stock options as contained in SFAS No. 123,&#148;Accounting for Stock-Based
Compensation,&#148; which is considered the preferable method of accounting for
stock-based employee compensation. During the transition period, the Company
will be utilizing the prospective method under SFAS No. 148,&#148;Accounting for
Stock-Based Compensation &#151; Transition and Disclosures.&#148; All employee
stock options granted after January 1, 2002 are being expensed over the stock
option vesting period based on fair value, determined using the Black-Scholes
option-pricing method, at the date the options were granted. This resulted in a
  $197,000 and   $10,000 charge to operations for the years ended December 31, 2003
and 2002, respectively, relating to options for 396,500 and 20,000 shares
granted in the fourth quarter of 2003 and 2002, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
the Company had applied the &#147;disclosure only&#148; option of SFAS No. 123.
Accordingly, no compensation cost has been recognized for stock options granted
prior to January 1, 2002, but for disclosure purposes the fair value of each
option grant is estimated on the date of the grant using the Black-Scholes
option-pricing model with the following weighted average assumptions: </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>32 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 32; page: 32" -->

<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">2003</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">2002</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">2001</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=5>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">Risk-free
      interest rate</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">3.30%</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">3.14%</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">4.90%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Expected
      volatility</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">32.5%</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">37.5%</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">33.0%</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Expected
      life</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">4.8
      year</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">5.0
      year</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">5.9
      year</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Contractual
      life</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">6.0
      year</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">6.0
      year</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">5.9
      year</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Dividend
      yield</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">N/A</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">N/A</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">N/A</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Fair value
      of options granted</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">$
      8.62</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">$
      5.96</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">$
      2.34</font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
compensation cost for the Company&#146;s stock option plan had been recognized
in the income statement based upon the fair value method, net income (loss)
would have been reduced to the pro forma amounts indicated below <I>(in
thousands, except per share amounts):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Net
      income (loss), as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 19,423</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (14,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,934</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Add: Stock-based
      employee compensation</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;expense
      for stock options included in reported net</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;income
      (loss), net of related tax effects</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">122</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">6</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Deduct:
      Total stock-based employee</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;compensation
      expense for stock options determined</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;under
      fair value method for all stock option awards,</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;net
      of related tax effects</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(409</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(392</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(415</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Pro forma
      net income (loss)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 19,136</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (14,984</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,519</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Net income
      (loss) per common share:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Basic
      &#151; as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.49</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Basic
      &#151; pro forma</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.90</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.53</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Diluted
      &#151; as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.46</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .92</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Diluted
      &#151; pro forma</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.86</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> (1.50</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> .88</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Revenue
Recognition</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue
is recognized upon shipment of goods to customers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Shipping and
Handling Costs</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company records shipping and handling costs within selling, general and
administrative expenses. Such costs aggregated   $14,621,000,   $13,473,000 and
  $11,289,000 in 2003, 2002, and 2001, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Use of
Estimates</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preparation of these financial statements in conformity with accounting
principles generally accepted in the United States of America requires the
Company to make estimates and judgments that affect the reported amounts of
assets, liabilities, revenues and expenses, and related disclosure of contingent
assets and liabilities. On an ongoing basis, the Company evaluates its
estimates, including those related to product returns, doubtful accounts,
inventories, goodwill and other intangible assets, income taxes, warranty
obligations, insurance obligations, lease terminations and asset retirement
obligations, long-lived assets, post-retirement benefits, and contingencies and
litigation. The Company bases its estimates on historical experience and on
various other assumptions that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from
other resources. Actual results may differ from these estimates under different
assumptions or conditions. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>33 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>New Accounting
Standards</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2001, the FASB issued SFAS No.143, &#147;Accounting for Asset Retirement
Obligations.&#148; SFAS No.143 requires companies to record a liability for
asset retirement obligations associated with the retirement of long-lived
assets. Such liabilities should be recorded at fair value in the period in which
a legal obligation is created, which typically would be upon acquisition or
completion of construction. The provisions of SFAS No. 143 are effective for
fiscal years beginning after June 15, 2002. Accordingly, the Company adopted the
provisions of SFAS No. 143 effective January 1, 2003. The implementation of SFAS
No. 143 did not have a material impact on the earnings or the financial position
of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
November 2002, the FASB issued Interpretation No. 45, &#147;Guarantor&#146;s
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others&#148; (&#147;FIN 45&#148;). FIN 45 requires
the guarantor to recognize a liability for the non-contingent component of a
guarantee; that is, the obligation to stand ready to perform in the event that
specified triggering events or conditions occur. The initial measurement of this
liability is the fair value of the guarantee at its inception. The recognition
of the liability is required even if it is not probable that payments will be
required under the guarantee or if the guarantee was issued with a premium
payment or as part of a transaction with multiple elements. FIN 45 also requires
additional disclosures related to guarantees. The recognition measurement
provisions of FIN 45 are effective for all guarantees entered into or modified
after December 31, 2002. FIN 45 also requires additional disclosures related to
guarantees in interim and annual financial statements. Accordingly, the Company
adopted the provisions of FIN 45, effective January 1, 2003. The implementation
of FIN 45 did not have an impact on the earnings or the financial position of
the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. SEGMENT REPORTING </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has two reportable operating segments, the recreational vehicle products
segment (the &#147;RV segment&#148;) and the manufactured housing products
segment (the &#147;MH segment&#148;). The RV segment manufactures a variety of
products used in the production of recreational vehicles, including windows,
doors, chassis, chassis parts, RV slide-out mechanisms and related power units,
and electric stabilizer jacks. The MH segment manufactures a variety of products
used in the construction of manufactured homes and to a lesser extent, modular
housing and office units, including vinyl and aluminum windows, chassis, chassis
parts, and thermo-formed bath and shower units. Intersegment sales and sales to
industries other than manufacturers of RVs and manufactured homes are
insignificant. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decisions
concerning the allocation of the Company&#146;s resources are made by the
Company&#146;s key executives. This group evaluates the performance of each
segment based upon segment profit or loss, defined as income before interest,
amortization of intangibles and income taxes. Management of debt is considered a
corporate function. The accounting policies of the RV and MH segments are the
same as those described in Note 1 of Notes to Consolidated Financial Statements. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>34 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<!-- MARKER PAGE="sheet: 34; page: 34" -->

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
relating to segments follows (<I>in thousands</I>): </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td nowrap valign="bottom" rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap colspan="8" valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Segments</font></b></td>
    <td nowrap valign="bottom" rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap colspan="2" valign="bottom" rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">Corporate
      <br>
      and Other<br>
      </font></b></td>
    <td nowrap valign="bottom" rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap colspan="2" valign="bottom" rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">Intangibles</font></b></td>
    <td nowrap valign="bottom" rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap colspan="2" valign="bottom" rowspan="3"><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">Total</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap colspan="8">
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap colspan="2" valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">RV</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap colspan="2" valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">MH</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap colspan="2" valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Total</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr>
    <td align=LEFT colspan="18">
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom">&nbsp;&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width=100% align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>Year
      ended December 31, 2003</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Revenues
      from external</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;customers<i>(a)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      219,505</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      133,611</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      353,116</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      353,116</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Segment
      operating profit (loss)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>24,779</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>14,358</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>39,137</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      (4,078</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      (782</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>34,277</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Segment
      assets<i>(b)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>69,158</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>55,172</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>124,330</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>17,822</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>17,952</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>160,104</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Expenditures
      for long-lived</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;assets<i>(c)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>3,725</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>1,798</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>5,524</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>26</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>5,550</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Depreciation
      and amortization</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>3,055</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>4,007</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>7,062</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>19</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>782</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>7,863</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom">&nbsp;&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>Year
      ended December 31, 2002</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Revenues
      from external</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;customers<i>(a)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      171,094</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      154,337</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      325,431</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      325,431</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Segment
      operating profit (loss)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>16,162</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>16,900</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>33,062</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      (3,103</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      (746</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>29,213</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Segment
      assets<i>(b)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>61,320</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>62,804</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>124,124</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>12,543</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>8,729</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>145,396</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Expenditures
      for long-lived</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;assets<i>(c)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>3,781</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>7,475</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>11,256</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>16</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>11,272</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Depreciation
      and amortization</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>2,795</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>3,774</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>6,569</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>17</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>746</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>7,332</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom">&nbsp;&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
    <td align=left valign="bottom">&nbsp;</td>
    <td align=RIGHT valign="bottom">&nbsp;</td>
    <td align=LEFT valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>Year
      ended December 31, 2001</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Revenues
      from external</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;customers<i>(a)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      107,504</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      147,266</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      254,770</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      254,770</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Segment
      operating profit (loss)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>9,208</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>15,940</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>25,148</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      (2,212</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      (2,591</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>20,345</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Segment
      assets<i>(b)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>46,755</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>58,866</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>105,621</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>10,290</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>41,064</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>156,975</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Expenditures
      for long-lived</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;assets<i>(c)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>4,129</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>9,329</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>13,458</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>13,458</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;Depreciation
      and amortization</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>2,353</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>3,371</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>5,724</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>17</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>2,591</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>8,332</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>a)</I></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>One
customer of the RV segment accounted for 23 percent, 20 percent and 15 percent of the
Company&#146;s consolidated net sales in the years ended December 31, 2003, 2002, and
2001, </I><I>respectively. Another customer of the RV segment accounted for 11 percent of
the Company&#146;s consolidated net sales in the year ended December 31, 2003. One
customer of both segments </I><I>accounted for 12 percent of the Company&#146;s
consolidated net sales in each of the three years ended December 31, 2003.</I></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>b)</I></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Segment
assets include accounts receivable, inventories and fixed assets. Corporate and other
assets include cash and cash equivalents, prepaid expenses and other current assets, </I><I>discontinued
operations, deferred taxes and other assets, excluding intangible assets. Intangibles
include goodwill, other intangible assets and deferred charges which are not </I><I>considered
in the measurement of each segment&#146;s performance.</I></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>c)</I></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Segment
expenditures for long-lived assets include capital expenditures and fixed assets
purchased as part of the acquisition of companies and businesses. The Company purchased
</I><I>  $477,000,   $734,000 and   $5,264,000 of fixed assets as part of the
acquisitions of businesses in 2003, 2002 and 2001, respectively. Expenditures for other
long-lived assets, goodwill and </I><I>other intangibles are not included in the segment
since they are not considered in the measurement of each segment&#146;s performance.</I></FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>35 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. ACQUISITIONS, GOODWILL,
INTANGIBLE ASSETS AND DISCONTINUED OPERATIONS </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Acquisition of
Better Bath</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 1, 2001, the Company&#146;s subsidiary, Kinro, acquired the assets and
business of the Better Bath division of Kevco, Inc. Better Bath manufactures and
sells thermo-formed bath and shower units for the manufactured housing industry
and had sales of approximately   $22.3 million in 2001, including   $13.2 million in
the seven months after its acquisition by the Company. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
acquisition has been accounted for as a purchase. The aggregate purchase price
of approximately   $10.2 million has been allocated to the underlying assets based
upon their respective estimated fair values. The excess of purchase price over
the fair value of net assets acquired (&#147;goodwill&#148;) was approximately
  $3.1 million, which, prior to the adoption of SFAS No. 142, was being amortized
over 20 years. The Company has not recorded any impairment of this goodwill. The
results of the acquired business have been included in the Company&#146;s
consolidated statements of income beginning June 1, 2001. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming
that the acquisition had occurred at the beginning of 2001, the unaudited pro
forma net sales, income from continuing operations and income from continuing
operations per common share, both basic and diluted, would have been
  $263,803,000,   $10,031,000 and   $1.04, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Other
Acquisitions</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 17, 2003, the Company acquired Kansas-based LTM Manufacturing LLC
(&#147;LTM&#148;), with annual sales of approximately   $4.5 million. LTM, the
holder of several innovative patents, manufactures a variety of products for
RVs, including slide-out mechanisms and specialty slide-out trays for batteries,
LP tanks and storage, as well as electric stabilizer jacks, flexguard slide-out
wire protection systems, and slide-out patio decks. The purchase price was   $4.1
million, including   $250,000 of LTM&#146;s debt which the Company repaid on
closing. The purchase price was funded with   $3.8 million of Drew&#146;s
available cash and a   $350,000 note to the seller, bearing interest at the prime
rate, payable in equal installments over the next five years. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
October 3, 2003, the Company acquired certain assets and liabilities of
Indiana-based ET&amp;T Frames, Inc. (&#147;ET&amp;T&#148;), with annual sales of
approximately   $7 million. ET&amp;T manufactures chassis primarily for specialty
trailer units, consisting of park models, office units, cargo trailers and, to a
lesser extent, chassis for towable recreational vehicles. This acquisition
represents an expansion of Drew&#146;s chassis manufacturing business into
specialty chassis. The   $3.6 million purchase price included the accounts
receivable and certain inventory and fixed assets of ET&amp;T. Production of
ET&amp;T&#146;s products was immediately transferred to the Company&#146;s
existing factories, without adding any overhead. The purchase price was funded
with Drew&#146;s available cash. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
consideration for the LTM and ET&amp;T acquisitions was allocated as follows
<I>(in thousands)</I>: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Net
      tangible assets acquired</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 777</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Identifiable
      intangible assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,330</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Goodwill</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">5,290</font></td>
  </tr>
  <tr>
    <td colspan=2><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      cash consideration</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 7,397</font></td>
  </tr>
  <tr>
    <td colspan=2><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=2>
    </td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2002, the Company acquired,  for   $1.4 million, the business of a manufacturer of RV
chassis,  which had approximately   $7 million of annual sales.  Production for these
newly acquired accounts has been integrated into the Company&#146;s existing factories. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2001, the Company also acquired,  for an aggregate of   $1.4 million, the businesses of
two small manufacturers of RV chassis, which added new customers,  and manufacturing
 facilities closer to existing customers. The manufacturing facility of one of those
businesses was originally leased, then purchased in 2002. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>36 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Goodwill and Other
Intangible Assets</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with SFAS No. 142, the Company stopped  amortizing  goodwill  effective
January 1, 2002.  Amortization of goodwill was   $1,613,000 for the year ended December
31, 2001. The Company has reassessed the useful lives of its intangible  assets as
required by SFAS No. 142 and determined  that the existing  useful lives are  reasonable.
 In accordance with SFAS No. 141, the Company  reclassified  certain  intangible  assets
to goodwill since they can no longer be recognized apart from goodwill.  The amortization
of such assets was   $322,000 for the year ended December 31, 2001. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
intangible assets consist of the following at December 31, 2003 <I>(in thousands):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">Gross</font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Accumulated<br>
      Amortization<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">Net</font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Estimated
      Useful<br>
      Life in Years </font></b></td>
  </tr>
  <tr>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td colspan="10" align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Non-compete
      agreements</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      2,480</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      2,088</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      392</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">5
      to 7</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Customer
      relationships</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">900</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">41</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">859</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">8</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Patents</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">452</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">9</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">443</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">12</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT colspan="2" valign="top">
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;
      </font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1,694</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Royalty
      agreement<i>(a)</i></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">3,259</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT colspan="2" valign="top">
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
      intangible assets</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      4,953</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT colspan="2" valign="top">
      <hr NOSHADE size=2>
    </td>
    <td align=LEFT valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=CENTER nowrap valign="top"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>a)</I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>In
February 2003, the Company  entered into an agreement for a  non-exclusive  license for
certain patents  related to  slide-out-systems.  Royalties are payable on an annual
 declining                 percentage of sales of certain slide-out systems produced by
the Company,  with annual minimum royalties of   $1,250,000 for fiscal years 2003 through
2006. At December 31, 2003, the                 Company has a liability of   $3,673,000
 relating to the present  value of the  remaining  minimum  royalties,  classified in the
Balance Sheet in accrued  expenses and other current                 liabilities
 ($1,049,000) and other long term liabilities  ($2,624,000).  For 2003, the royalty
agreement asset was reduced by   $1,086,000.  In 2003,  payments of   $938,000 were made
                and the balance due of   $312,000 for 2003 was paid in January  2004.
 The expense of the royalty  agreement  asset is classified in the Statement of Income in
Cost of Goods Sold. In                 addition, the Company recorded   $228,000 of
interest expense related to the accretion of the minimum royalty payments liability.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
intangible  assets of   $814,000 in 2002 consisted  solely of non-compete  agreements,
 which are amortized over 5 to 7 years,  and are reflected net of accumulated
 amortization of   $1,666,000 at December 31, 2002.  Amortization  expense  related to
intangible  assets  (excluding  goodwill)  amounted to   $472,000,    $409,000 and
  $373,000 for 2003,  2002 and 2001,  respectively. Estimated amortization expense for
the next five fiscal years is as follows:   $398,000 (2004),   $296,000 (2005),
  $274,000 (2006),   $206,000 (2007) and   $141,000 (2008). </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the first  quarter of 2002,  in accordance  with the goodwill  impairment  provisions  of
SFAS No. 142, the Company  identified  its reporting  units and allocated its assets and
liabilities,  including goodwill,  to its reporting units. In addition,  the Company had
a valuation of certain of its reporting units done by an independent  appraiser,  as of
January 1, 2002, to assist the Company in determining if there had been an impairment in
the goodwill of any of its reporting units. Based on this appraisal and additional
 analyses  performed by the Company,  it was determined that there had been an impairment
of goodwill in two reporting units. As a result, the Company recorded an impairment
charge of   $32,905,000  offset by a tax benefit of   $2,743,000.  Such charge was
recorded as a cumulative effect of change in accounting principle in 2002. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>37 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the allocation of the goodwill and the recognition of the impairment charge,
goodwill by reportable segment is as follows (in thousands): </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">MH
      Segment</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">RV
      Segment</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Total</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 valign="bottom" align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Balance
      - January 1, 2002</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 33,859</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 5,018</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 38,877</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Impairment
      charge</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(30,698</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2,207</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(32,905</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Acquisitions
      in 2002</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,071</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,071</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 valign="bottom" align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance
      - December 31, 2002</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,161</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,882</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,043</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Acquisitions
      in 2003</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">5,290</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">5,290</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 valign="bottom" align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance
      - December 31, 2003</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,161</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,172</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 12,333</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 valign="bottom" align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has elected to perform its annual goodwill impairment procedures for all
of its reporting units as of November 30, and therefore, the Company updated its
carrying value calculations and fair value estimates for each of its reporting
units as of November 30, 2003. Based on the comparison of the carrying values to
the estimated fair values, the Company has concluded that no additional goodwill
impairment existed at that time. The Company plans to update its review as of
November 30, 2004, or sooner, if events occur or circumstances change that could
reduce the fair value of a reporting unit below its carrying value. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a reconciliation to adjust previously reported annual financial
information to exclude goodwill amortization expense <I>(in thousands except per
share amounts):</I> </FONT></P>

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<BR>



<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan="2" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,<br>
      2001</font></b></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      from continuing operations, as reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,830</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Goodwill
      amortization expense, net of taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,623</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted
      income from continuing operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 11,453</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=2>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      per share (basic and diluted):</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
      reported</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.02</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1.18</font></td>
  </tr>
</table>
<BR>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Discontinued
Operations</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
axle and tire refurbishing business of LTA did not perform well from 2000
through 2002, primarily due to increased competition and the decline in the
manufactured housing industry, which severely affected operating margins. In
January 2001, the axle and tire refurbishing business closed two of its five
factories and in July 2001, a third such operation was sold. In September 2002,
the Company converted one of its two remaining tire and axle refurbishing
facilities to an RV window production facility. The last axle and tire
refurbishing operation was sold in January 2003 at a small gain. As a result,
the axle and tire refurbishing business is classified as discontinued operations
in the Consolidated Financial Statements pursuant to SFAS No. 144, adopted by
the Company effective January 1, 2002. Discontinued operations is presented net
of tax expense (benefit) of   $26,000,   $(102,000) and   $(503,000) for the years
ended December 31, 2003, 2002 and 2001. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>38 </FONT></P>
<HR SIZE=5 NOSHADE>

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<BR>





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<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
operations consisted of the following at December 31, 2002 <I>(in
thousands)</I>: </FONT></P>

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</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Cash</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 122</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Accounts
      receivable</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">271</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Inventories</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">604</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Prepaid
      expenses and other current assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">100</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Fixed assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">107</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Deferred
      charges and other assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 1,211</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=2>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Accounts
      payable</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">129</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Accrued
      liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">371</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      liabilities</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 500</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=2>
    </td>
  </tr>
</table>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTA
continues to own a factory in Texas which was previously utilized in its axle
and tire refurbishing business. This factory is being leased to the purchaser of
LTA&#146;s Texas operation. Since it is not probable that this factory will be
sold within one year, it is not considered as held for sale under SFAS No.144,
and is not included in discontinued operations in the Consolidated Financial
Statements. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proceeds from the disposition of all other significant assets of LTA&#146;s axle
and tire refurbishing business, consisting primarily of inventory and accounts
receivable, were collected in January 2003 and resulted in a small gain. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discontinued axle and tire refurbishing business had previously been included in
the Company&#146;s MH segment, and had revenues of   $11.2 million and   $14.7
million, in 2002 and 2001, respectively. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. INVENTORIES </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories
consist of the following <I>(in thousands):</I> </FONT></P>

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<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5 valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5>
      <hr NOSHADE size=1>
    </td>
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">Finished
      goods</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 7,438</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 7,681</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Work in
      process</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,165</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,408</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Raw materials</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">28,708</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">28,054</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 37,311</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 37,143</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.         FIXED ASSETS </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed
assets, at cost, consist of the following <I>(in thousands)</I>: </FONT></P>

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<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign="bottom" align="center">
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5 nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td rowspan="3" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td rowspan="3" nowrap> <b><font face="Times New Roman, Times, serif" size="1">Estimated
      Useful<br>
      Life in Years </font></b></td>
  </tr>
  <tr>
    <td colspan=5 nowrap>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td colspan="2" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" align=center nowrap><b><font face="Times New Roman, Times, serif" size="1">2002</font></b></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=7>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Land</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 6,897</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 6,883</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Buildings
      and improvements</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">54,329</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">53,360</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">10
      to 39</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Leasehold
      improvements</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,616</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,464</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">2
      to 11</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Machinery
      and equipment</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">39,617</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">35,838</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">3
      to 10</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Transportation
      equipment</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,452</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,568</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">3
      to 7</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Furniture
      and fixtures</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,432</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,775</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER nowrap><font face="Times New Roman, Times, serif" size="2">3
      to 10</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Construction
      in progress</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">144</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,041</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5>
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">109,487</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">104,929</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Less accumulated
      depreciation</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;and
      amortization</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">37,276</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">30,888</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5>
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed
      assets, net</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 72,211</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 74,041</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5>
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font>
    </td>
  </tr>
</table>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>39 </FONT></P>
<HR SIZE=5 NOSHADE>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization of fixed assets consists of <I>(in thousands):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Charged
      to cost of sales</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 6,354</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 5,604</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 4,944</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Charged
      to selling, general and</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;administrative
      expenses</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">726</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">694</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">678</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 7,080</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 6,298</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 5,622</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.         ACCRUED EXPENSES AND
OTHER CURRENT LIABILITIES </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
expenses and other current liabilities consist of the following <I>(in
thousands):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Accrued
      employee compensation and fringes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 12,033</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,556</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,171</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,047</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Accrued
      expenses and other</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">6,490</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,096</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 19,694</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 17,699</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.         RETIREMENT AND OTHER
BENEFIT PLANS </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has discretionary defined contribution profit sharing plans covering
substantially all eligible employees.  The Company contributed   $994,000,    $914,000
and   $608,000 to these Plans during the years ended December 31, 2003, 2002 and 2001,
respectively. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.         LONG-TERM INDEBTEDNESS </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term
indebtedness consists of the following <I>(in thousands):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Senior
      Notes payable at the rate of $8,000 per annum</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;on
      January 28, with interest payable semi-annually at</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;the
      rate of 6.95% per annum</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 24,000</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Notes payable
      pursuant to a Credit Agreement expiring</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;October
      15, 2005 consisting of a line of credit, not to</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;exceed
      $30,000; interest at prime rate or LIBOR plus a</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;rate
      margin based upon the Company&#146;s performance<i>(a) (b)</i></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,900</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Industrial
      Revenue Bonds, interest rates at December 31,</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;2003,
      3.18% to 6.28%, due 2008 through 2017; secured</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;by
      certain real estate and equipment</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,858</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,871</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Real estate
      mortgage payable at the rate of $70 per month</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;with
      a balloon payment of $3,371 in May 2006, interest</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;at
      9.03% per annum</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,484</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,894</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Other loans
      primarily secured by certain real estate and</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;equipment,
      due 2006 to 2016, primarily fixed rates of</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;6.52%
      to 7.75%<i>(c)</i></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">6,414</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">8,140</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">34,756</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">48,805</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Less current
      portion</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,931</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,993</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      long-term indebtedness</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 24,825</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 38,812</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>40 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(a)</I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Pursuant
to the performance schedule, the interest rate on LIBOR loans was LIBOR plus 1.5 percent
at December 31, 2003 and 2002.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(b)</I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>As
of December 31, 2003, the Company had letters of credit of   $2.9 million outstanding
under this Credit Agreement.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(c)</I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>During
 2003,  the Company  prepaid   $1.4  million of other loans with  interest  rates of 7.75
percent to 7.90  percent.  There were no penalties on such  pre-payment.  The Company
also                 negotiated the lowering of a fixed interest rate on one instrument
from 8.72% to 6.52%.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the Senior  Notes,  the Credit  Agreement,  and certain of the other loan  agreements,
 the Company is required to maintain  minimum net worth and  interest and fixed charge
coverages and to meet certain other  financial  requirements.  The Company is in
compliance  with all such  requirements.  Certain of the Company&#146;s loan agreements
 contain  prepayment  penalties. Borrowings under the Senior Notes and the Credit
Agreement are secured only by capital stock of the Company&#146;s subsidiaries. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company pays a commitment fee, accrued at the rate of 3/8 of 1 percent per annum, on the
daily unused amount of the revolving line of credit. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has unsecured letters of credit outstanding, unrelated to the Credit Agreement,
which aggregate   $1.7 million at December 31, 2003. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
approximate amount of maturities of long-term indebtedness <I>(in thousands)</I> are: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">2004</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,931</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2005</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,693</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2006</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,751</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2007</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,226</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2008</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,715</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Thereafter</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">6,440</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">34,756</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Less current
      portion</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,931</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      long-term indebtedness</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 24,825</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=2>
    </td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company believes the interest
rates on instruments  similar to its debt approximate the rates paid by the Company.
 Therefore,  the book value of such debt  approximates fair value at December 31, 2003
and 2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.         INCOME TAXES </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
income tax provision in the Consolidated Statements of Income is as follows (in
thousands): </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Current:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Federal</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 10,009</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 7,137</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 5,706</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;State</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,476</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">998</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">574</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Deferred:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Federal</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">516</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,475</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">111</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;State</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(133</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">273</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(27</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      income tax provision</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 11,868</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,883</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 6,364</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>41 </FONT></P>
<HR SIZE=5 NOSHADE>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
provision for income taxes differs from the amount computed by applying the
Federal statutory rate to income before income taxes for the following reasons
<I>(in thousands):</I> </FONT></P>

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</TR>
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<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Income
      tax at Federal statutory rate</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 10,935</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 8,976</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 5,668</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">State income
      taxes, net of Federal income tax benefit</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">873</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">826</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">356</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Non-deductible
      expenses</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">90</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">79</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">465</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Other</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(30</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(125</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
      for income taxes</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 11,868</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 9,883</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 6,364</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax effects of temporary differences that give rise to significant portions of
the deferred tax assets and deferred tax liabilities at December 31, 2003 and
2002 are as follows <I>(in thousands):</I> </FONT></P>

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<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Deferred
      tax assets:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Accounts
      receivable</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 465</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 452</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Inventories</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">885</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">683</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Goodwill
      and other assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,055</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,454</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Accrued
      insurance</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">764</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">349</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Employee
      benefits</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">836</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">793</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Other
      accruals</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">711</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">867</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      deferred tax assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,716</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">7,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Deferred
      tax liabilities:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Fixed
      assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,920</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,517</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      deferred tax asset</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,796</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 4,081</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company  concluded  that it is more likely than not that the deferred tax assets at
December 31, 2003 will be realized in the ordinary  course of  operations  based on
scheduling of deferred tax liabilities and income from operating activities. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
benefits on stock option exercises of   $864,000,   $468,000 and   $13,000 were credited
directly to stockholders&#146; equity for 2003, 2002 and 2001, respectively. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
deferred tax assets are classified in the Consolidated Balance Sheets as follows <I>(in
thousands):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" nowrap><b><font face="Times New Roman, Times, serif" size="1">December
      31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=5 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Prepaid
      expenses and other current assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,547</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,214</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Other assets</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">249</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">867</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,796</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 4,081</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=5 align="left">
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also,
included in prepaid expenses and other current assets are Federal income tax
refunds receivable of   $852,000 and   $1,742,000 at December 31, 2003 and 2002,
respectively. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>42 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.         COMMITMENTS AND
CONTINGENCIES </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Leases</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s lease commitments are primarily for real estate, machinery and
equipment, and vehicles. The significant real estate leases provide for renewal
options and periodic rental adjustments to reflect price index changes and
require the Company to pay for property taxes and all other costs associated
with the leased property. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future
minimum lease payments under operating leases at December 31, 2003 are
summarized as follows <I>(in thousands):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">2004</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 3,094</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2005</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,682</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2006</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1,021</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2007</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">610</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">2008</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">381</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT height="18"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT height="18"><font face="Times New Roman, Times, serif" size="2">Thereafter</font></td>
    <td align=left height="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT height="18"><font face="Times New Roman, Times, serif" size="2">214</font></td>
    <td align=LEFT height="18"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      lease obligations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 7,002</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align=left>
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included
in the above table are the remaining  commitments  regarding a sale and  leaseback of
equipment  made during 2001.  In addition,  the Company has an option to  repurchase
 such equipment for   $1,554,000 in 2004. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rent
expense was   $4,896,000,   $4,608,000 and   $4,256,000 for the years ended December 31,
2003, 2002 and 2001, respectively. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has employment  contracts with six of its employees and six consultants,  which
expire on various dates through July 2008. The minimum  commitments under these contracts
are   $1,793,000 in 2004,    $699,000 in 2005,   $269,000 in 2006,    $100,000 in 2007
and   $55,000 in 2008. In addition,  the contracts with three of the employees,  and an
arrangement with one other employee of the Company, provide for incentives to be paid
based on a percentage of profits, as defined. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.        STOCKHOLDERS&#146; EQUITY </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Stock-Based Awards</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2002, the Company&#146;s Stockholders voted to adopt the Drew Industries  Incorporated
2002 Equity Award and Incentive Plan (the &#147;2002 Equity Plan&#148;), to replace the prior Stock
Option Plan (&#147;Prior Plan&#148;).  Pursuant to the 2002 Equity Plan, the Company may grant its
directors,  employees,  and consultants Drew Common Stock-based awards, such as options
and restricted or deferred stock. The number of shares of Common Stock reserved for
awards was 850,000 plus the 70,666 shares that remained available for grant under the
Prior Plan. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2002 Equity Plan provides for the grant of stock options that qualify as incentive  stock
options under Section 422 of the Internal  Revenue Code, and  non-qualified  stock
options. Under the 2002 Equity Plan, as under the Prior Plan, the  Compensation
 Committee  (&#147;the  Committee&#148;)  determines the period for which each stock option may be
 exercisable,  but in no event may a stock option be exercisable  more than 10 years from
the date of grant thereof.  The number of shares available under the 2002 Equity Plan,
and the exercise price of options granted under the 2002 Equity Plan, are subject to
adjustments that may be made by the Committee to reflect stock splits, stock dividends,
recapitalization, mergers, or other major corporate actions. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise  price for options  granted  under the 2002 Equity Plan shall be at least equal
to 100 percent of the fair market value of the shares  subject to such option on the date
of grant.  The  exercise  price may be paid in cash or in shares of Drew Common  Stock
held for a minimum of six months.  Options  granted  under the 2002  Equity  Plan become
 exercisable  in annual installments as determined by the Committee.             </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>43 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2003 and 2002,  pursuant to the 2002 Equity Plan, the Company awarded 12,503 and 4,604
deferred stock units,  respectively,  to certain  directors in lieu of cash fees earned
by such directors.  The number of deferred  stock units awarded is  determined  by
dividing  115% of the fee earned by the closing price of the Common Stock on the date the
fees were earned.  The deferral period is generally two years from the date of the
election to defer, unless extended. </FONT></P>


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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
in stock options and deferred stock units under the 2002 Equity Plan and the Prior Plan
are summarized as follows: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="4" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Deferred
      Stock Units</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="4" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Stock
      Options</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="4" nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="4" nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Number
      of<br>
      Shares<br>
      </font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Stock
      Price<br>
      at Date <br>
      of Issuance<br>
      </font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">
      Number of <br>
      Option Shares<br>
      </font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1">Option
      Price</font></b></td>
    <td nowrap valign="bottom"><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr>
    <td align=LEFT>&nbsp;</td>
    <td colspan="4" align=RIGHT nowrap>
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td colspan="4" align=RIGHT nowrap>
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT nowrap>&nbsp;</td>
  </tr>
  <tr>
    <td width=100% align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Outstanding
      at December 31, 2000</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">906,734</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Granted</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">262,500</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      9.10-$9.25</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Exercised</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">(14,324</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      6.94</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Canceled</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">(33,000</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      8.82-$12.50</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Expired</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">(15,000</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      10.75</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=11>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Outstanding
      at December 31, 2001</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">1,106,910</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Issued</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">4,604</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      13.74-$16.30</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Granted</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">20,000</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      15.75</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Exercised</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">(264,710</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      5.68-$12.48</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=11>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Outstanding
      at December 31, 2002</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">862,200</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Issued</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">12,503</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      15.17-$25.56</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Granted</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">396,500</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      25.56-$27.60</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Exercised</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">(268,380</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      8.81-$12.50</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Canceled</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">(6,000</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      8.81-$12.50</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=11>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Outstanding
      at December 31, 2003</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">17,107</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      13.74-$25.56</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">984,320</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      5.68-$27.60</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td colspan=11>
      <hr NOSHADE size=2>
    </td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Exercisable
      at December 31, 2003</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">336,520</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      5.68-$15.75</font></td>
    <td align=LEFT nowrap valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares available for granting awards under the 2002 Equity Plan was
493,059 and 896,062 at December 31, 2003 and 2002, respectively. The number of
shares available for awards under the Prior Plan was 70,666 at December 31,
2001. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes information about stock options outstanding at
December 31, 2003: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Option <br>
      Exercise<br>
      Price <br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Shares <br>
      Outstanding<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Option <br>
      Remaining <br>
      Life (Years)<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Shares <br>
      Exercisable<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr>
    <td align=RIGHT>&nbsp;</td>
    <td colspan="8" align=left>
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr>
    <td width=100% align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      5.68</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">15,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">2.0</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">15,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      8.81</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">159,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1.9</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">94,600</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      9.10</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">204,820</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">3.9</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">56,920</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      9.20</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">15,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">2.0</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">15,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      9.25</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">15,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">3.0</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">15,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      9.31</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">150,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1.9</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">120,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      11.63</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">9,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1.3</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">2,400</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      15.75</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">20,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">5.0</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">20,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      25.56</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">371,500</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">5.9</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      27.60</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">25,000</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">6.0</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding
stock options expire in five to six years from the date they are granted;
options vest over service periods that range from one to five years. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>44 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Weighted
Average Common Shares Outstanding</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following reconciliation details the denominator used in the computation of
basic and diluted earnings per share: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="8" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year
      Ended December 31,</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan=8 nowrap>
      <hr NOSHADE size=1>
    </td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr valign=Bottom align="center">
    <td nowrap>&nbsp;</td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2003</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2002</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;2001</font></b></td>
    <td nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
  </tr>
  <tr>
    <td></td>
    <td></td>
    <td colspan=8 align="left">
      <hr NOSHADE size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Weighted
      average shares outstanding for</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;basic
      earnings per share</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">10,075,406</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,789,513</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,660,501</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Common
      stock equivalents pertaining to:</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;Stock
      options</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">221,502</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">219,114</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">5,368</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8>
      <hr NOSHADE size=1>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      for diluted shares</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">10,296,908</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">10,008,627</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9,665,869</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=8>
      <hr NOSHADE size=2>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.        QUARTERLY RESULTS OF
OPERATIONS (UNAUDITED) </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sum of per share amounts for the four quarters may not equal the total per share amounts
for the year as a result of changes in the weighted average common shares outstanding. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim
unaudited financial information follows <I>(in thousands, except per share amounts):</I> </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      First <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Second
      <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Third <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Fourth
      <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year</font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr>
    <td align=LEFT colspan="15">
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td width=100% align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Year
      Ended December 31, 2003</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      sales</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      80,827</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      89,410</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      96,107</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      86,772</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      353,116</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross
      profit</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">17,950</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">22,883</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">25,470</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">20,378</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">86,681</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      from continuing operations</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">5,138</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">8,778</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">10,768</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">6,559</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">31,243</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">138</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">(90</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">48</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">3,266</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">5,345</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">6,582</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">4,230</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">19,423</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income per common share:</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      from continuing operations</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.31</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.53</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.65</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.42</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1.92</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.31</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.52</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.64</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.41</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1.88</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.02</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.01</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.33</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.53</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.65</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.42</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1.92</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.32</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.52</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.64</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">.41</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1.88</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">Stock
      Market Price<i>(a)</i></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      16.24</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      18.25</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      19.10</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      28.28</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      28.28</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      14.95</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      15.01</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      17.90</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      18.69</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      14.95</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Close
      (at end of quarter)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      15.21</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      18.20</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      18.51</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      27.80</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      27.80</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I> (a) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>On
December 11, 2003, the Company&#146;s stock was listed for trading on the New York Stock
Exchange under the symbol &#147;DW.&#148; Simultaneously, the Company&#146;s stock ceased trading on the
American       Stock Exchange.</I> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>45 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<!-- MARKER PAGE="sheet: 45; page: 45" -->

<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      First <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Second
      <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">
      Third <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Fourth
      <br>
      Quarter<br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></td>
    <td valign="bottom" colspan="2" nowrap><b><font face="Times New Roman, Times, serif" size="1">Year</font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
  </tr>
  <tr>
    <td align=LEFT colspan="15">
      <hr NOSHADE size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT><font face="Times New Roman, Times, serif" size="2">Year
      Ended December 31, 2002</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      sales</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 72,187</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 85,718</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 89,217</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 78,309</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 325,431</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross
      profit</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">18,048</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">21,507</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">21,112</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">17,920</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">78,587</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      from continuing</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">3,649</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,807</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,691</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,617</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">15,764</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(117</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(40</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">9</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(52</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(200</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative
      effect of change in</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accounting
      principle</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(30,080</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(82</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(30,162</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income (loss)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(26,548</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,767</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">4,700</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">2,483</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(14,598</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income per common share:</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
      from continuing operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.38</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.49</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.48</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.26</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1.61</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.37</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.48</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.47</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.26</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">1.57</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued
      operations</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(.01</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(.02</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(.01</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(.02</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative
      effect of change in</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accounting
      principle</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(3.11</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(.01</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(3.08</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(3.05</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">&#151;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(.01</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(3.01</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      income (loss)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2.74</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.49</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.48</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.25</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(1.49</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(2.69</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.48</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.47</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">.25</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2">(1.46</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock
      Market Price</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 14.98</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 17.03</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16.90</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16.50</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 17.03</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 10.90</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 11.50</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 13.50</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 15.25</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 10.90</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Close
      (at end of quarter)</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 12.70</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16.45</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 15.55</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16.05</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT><font face="Times New Roman, Times, serif" size="2"> 16.05</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
  </tr>
</table>
<BR>

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<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.        SUBSEQUENT EVENT </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2004, the Company sold certain  intellectual  property rights relating to a
process used to manufacture a new composite  material.  Simultaneously with the sale, the
Company entered into an equipment lease and a license agreement with the buyer. As a
result,  the Company plans to produce the new composite  material for use in certain bath
products for the manufactured housing,  modular housing,  and  recreational  vehicle
 industries on an exclusive,  royalty-free  basis. The Company will also have the right
to use the new composite  material on a royalty-free, non-exclusive  basis to manufacture
 various other products for the  manufactured  housing,  modular housing,  and
recreational  vehicle  industries.  Sales of these new products,  is any, are not
expected to be significant in 2004. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
sale price for the  intellectual  property  rights was   $4.0 million,  consisting of
cash of   $100,000 at closing and a note of   $3.9 million,  payable over five years.
 The note bears interest at increasing annual interest rates, and is secured by a lien on
the intellectual  property rights sold, a right of offset against the lease, and a
guaranty.  The note is convertible into an equity interest in any new venture that the
buyer may form to promote this process. In February 2004 the Company received the first
payment under the note for   $400,000. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drew
is evaluating the potential gain on sale, and currently  anticipates  that it will record
a first quarter  pre-tax gain of  approximately    $500,000  ($300,000,  or   $.03 per
diluted share, after tax) after all related costs and valuations. Future gain, if any,
will be recorded when any payments on the remaining   $3.5 million balance of the note
are received. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>46 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>




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<TD>
<BR>


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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Independent Auditors&#146;
Report</FONT></H2>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board of Directors and
Stockholders<BR>Drew Industries Incorporated: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the accompanying  consolidated balance sheets of Drew Industries
 Incorporated and subsidiaries as of December 31, 2003 and 2002, and the related
consolidated statements of income,  stockholders&#146;  equity,  and cash flows for each of
the years in the three-year period ended December 31, 2003. These  consolidated
 financial  statements are the  responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these consolidated financial statements based
on our audits. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audits in accordance with auditing standards  generally  accepted in the
United States of America.  Those standards require that we plan and perform the audit to
obtain reasonable  assurance about whether the financial statements are free of material
 misstatement.  An audit includes examining,  on a test basis,  evidence supporting the
amounts and disclosures in the financial  statements.  An audit also includes  assessing
the accounting  principles used and significant  estimates made by management,  as well
as evaluating the overall financial  statement presentation. We believe that our audits
provide a reasonable basis for our opinion. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion,  the  consolidated  financial  statements  referred to above present
 fairly,  in all material  respects,  the financial  position of Drew  Industries
 Incorporated  and subsidiaries  as of December 31, 2003 and 2002, and the results of
their  operations and their cash flows for each of the years in the three-year  period
ended December 31, 2003 in conformity with accounting principles generally accepted in
the United States of America. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
discussed in Note 1 to the consolidated financial statements, the Company adopted SFAS
No. 142, &#147;Goodwill and Other Intangible Assets&#148; as of January 1, 2002. </FONT></P>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ KPMG LLP </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stamford, Connecticut <BR>February 11,
2004 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>47 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Management&#146;s
Responsibility for Financial Statements</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
management of the Company has prepared and is responsible for the consolidated  financial
 statements and related financial  information  included in this report. These
consolidated financial  statements  were  prepared in  accordance  with  accounting
 principles  generally  accepted in the United  States of America,  which are
 consistently  applied and  appropriate  in the circumstances.  These consolidated
financial statements necessarily include amounts determined using management&#146;s best
judgements and estimates.  Such estimates,  which are evaluated on an ongoing basis, are
based on historical experience and other factors believed to be reasonable under the
circumstances. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company  maintains  accounting  and other control  systems which provide  reasonable
 assurance  that assets are  safeguarded  and that the books and records  reflect the
authorized transactions of the Company.  Although  accounting controls are designed to
achieve this objective,  it must be recognized that errors or irregularities may occur.
In addition,  it is necessary to assess and consider the relative costs and the expected
benefits of the internal accounting controls. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s independent auditors, KPMG LLP, provide an independent,  objective review of
the consolidated financial statements and underlying transactions. They perform such
tests and other procedures as they deem necessary to express an opinion on the financial
statements. The report of KPMG LLP accompanies the consolidated financial statements. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td width="50%"><font face="Times New Roman, Times, serif" size="2">/s/ LEIGH
      J. ABRAMS <br>
      President and <br>
      Chief Executive Officer<br>
      </font></td>
    <td><font face="Times New Roman, Times, serif" size="2">/s/ FREDRIC M. ZINN
      <br>
      Executive Vice President and<br>
      Chief Financial Officer </font></td>
  </tr>
</table>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>48 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 9.  CHANGES IN AND
DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 9A. CONTROLS AND
PROCEDURES.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
      <I>Evaluation of Disclosure Controls and Procedures</I>.  The Company maintains
 disclosure controls and procedures that are designed to ensure that information required
to be disclosed in the Company&#146;s Exchange Act reports is recorded, processed,
summarized and reported within the time periods specified in the SEC&#146;s rules and
forms, and that such information is accumulated and communicated to the Company&#146;s
management, including its Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure, in accordance with
the definition of &#147;disclosure controls and procedures&#148;in Rule 13a-14(c) under
the Securities and Exchange Act of 1934. In designing and evaluating the disclosure
controls and procedures, management recognized that any controls and procedures, no
matter how well designed and operated, cannot provide absolute assurance of achieving the
desired control objectives. Management included in its evaluation the cost-benefit
relationship of possible controls and procedures.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the end of the period covered by this Form 10-K, the Company performed an
evaluation, under the supervision and with the participation of the
Company&#146;s management, including the Company&#146;s Chief Executive Officer
and the Company&#146;s Chief Financial Officer, of the effectiveness of the
design and operation of the Company&#146;s disclosure controls and procedures.
Based on the foregoing, the Company&#146;s Chief Executive Officer and Chief
Financial Officer concluded that the Company&#146;s disclosure controls and
procedures were effective. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
      <I>Changes in Internal  Controls</I>.  There were no changes in the Company&#146;s  internal
 control over  financial  reporting  during the quarter  ended  December 31, 2003 or
subsequent to the date the Company completed its evaluation, that have materially
affected, or are reasonably likely to materially affect, the Company&#146;s internal
control over financial reporting.  </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART III</FONT></H1>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 10.  DIRECTORS AND
EXECUTIVE OFFICERS OF THE REGISTRANT.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
with respect to the Company&#146;s Directors and Executive Officers is
incorporated by reference from the information contained under the caption
&#147;Proposal 1. Election of Directors&#148; in the Company&#146;s Proxy
Statement for the Annual Meeting of Stockholders to be held on May 20, 2004
(&#147;2004 Proxy Statement&#148;) and from the information contained under
&#147;Directors and Executive Officers of the Registrant&#148; in Part I of this
Report. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
regarding Section 16 reporting compliance is incorporated by reference from the
information contained under the caption &#147;Voting Securities &#150;
Compliance with Section 16(a) of the Exchange Act&#148; in the Company&#146;s
2004 Proxy Statement and from the information contained under the caption
&#147;Compliance with Section 16(a) of the Securities Exchange Act&#148; in Part
I of this Report. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has adopted Governance Principles, Guidelines for Business Conduct, and
a Code of Ethics for Senior Financial Officers (&#147;Code of Ethics&#148;),
each of which, as well as the Charter and Key Practices of the Company&#146;s
Audit Committee, Compensation Committee, and Corporate Governance and Nominating
Committee, are available on the Company&#146;s website at
www.drewindustries.com. A copy of any of these documents will be furnished,
without change, upon written request to Secretary, Drew Industries Incorporated,
200 Mamaroneck Avenue, White Plains, New York 10601. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company makes any substantive amendment to the Code of Ethics, or grants a
waiver from a provision of the Code of Ethics to the Chief Executive Officer,
the Chief Financial Officer or the Corporate Controller, the Company will
disclose the nature of such amendment or waiver on its website or in a Current
Report on Form 8-K. There have been no waivers of any provisions of the Code of
Ethics. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>49 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 11.
EXECUTIVE COMPENSATION.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this item is incorporated by reference from the
information contained under the caption &#147;Proposal 1. &#150; Election of
Directors &#150; Executive Compensation&#148; and &#147;Compensation of
Directors&#148; in the Company&#146;s 2004 Proxy Statement. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 12.  SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.</FONT></H2>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this item is incorporated by reference from the
information contained under the caption &#147;Voting Securities &#150; Security
Ownership of Management&#148; and &#147;Equity Award and Incentive Plan&#148; in
the Company&#146;s 2004 Proxy Statement. </FONT></P>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 13.  CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
executive officer of the Company serves on the Company&#146;s Compensation
Committee, and there are no &#147;interlocks&#148; as defined by the Securities
and Exchange Commission. There are no transactions, business relationships, or
indebtedness, involving the Company and any executive officer or director of the
Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor" FSL="Project" -->
<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 14.  PRINCIPAL
ACCOUNTING FEES AND SERVICES.</FONT></H2>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this item is incorporated by reference from the
information contained under &#147;Proposal 2. Appointment of Auditors&#148; in
the Company&#146;s 2004 Proxy Statement. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART IV</FONT></H1>

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<H2 ALIGN=LEFT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Item 15.  EXHIBITS,
FINANCIAL STATEMENT SCHEDULES and REPORTS ON  FORM 8-K.</FONT></H2>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                     (a)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Documents
Filed: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                              (1)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=64%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedules.
 Schedule II - Valuation and Qualifying Accounts. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                                                              (2)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=64%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits.
 See Item 15 (c) - &#147;List of Exhibits&#148; incorporated herein by reference. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                     (b)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reports
on Form 8-K </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing the Company&#146;s receipt of &#147;The People&#146;s
Choice Award,&#148; filed with the SEC on October 2, 2003;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing the acquisition of ET&amp;T Frames, Inc., filed with the SEC on
October 7, 2003; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing the time of the Company&#146;s conference call and webcast
to announce Nine-Month and Third Quarter results, filed with the SEC on October 20, 2003;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing results for Third Quarter of 2003, filed with the SEC on
October 27, 2003;  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>50 </FONT></P>
<HR SIZE=5 NOSHADE>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing  that the Company filed an  application to transfer its
stock listing to the New York Stock Exchange from the American Stock  Exchange,  filed
with                                                the SEC on November 24, 2003. </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing  that the Company filed a  Registration  Statement on Form
S-3 with respect to the sale of 565,000 shares of the Company&#146;s  Common Stock by certain
                                               selling stockholders including two
directors of the Company, filed with the SEC on December 5, 2004; </FONT></TD>
</TR>
</TABLE>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing the sale of shares pursuant to the Registration Statement
on Form S-3 dated December 5, 2004, filed with the SEC on December 10, 2003; and  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149; </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Current
Report on Form 8-K announcing commencement of trading of the Company&#146;s stock on the
New York Stock Exchange, filed with the SEC on December 11, 2003.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits
- - List of Exhibits. </FONT></TD>
</TR>
</TABLE>
<BR>


<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Exhibit<br>
      Number <br>
      </font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Description</font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, serif" size="1">Sequentially
      <br>
      Numbered Page</font></b></td>
  </tr>
  <tr valign=Bottom>
    <td colspan="3" align=LEFT>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td width=23% align=LEFT><font face="Times New Roman, Times, serif" size="2">3.</font></td>
    <td width=50% align=LEFT><font face="Times New Roman, Times, serif" size="2">Articles
      of Incorporation and By-laws</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">3.1</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Drew Industries
      Incorporated Restated</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Certificate
      of Incorporation.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">3.2</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Drew Industries
      Incorporated By-laws,</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">as amended.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
 3.1 is  incorporated  by  reference  to Exhibit  III to the Proxy  Statement-Prospectus
 constituting  Part I of the Drew  National  Corporation  and Drew  Industries
Incorporated Registration Statement on Form S-14 (Registration No. 2-94693). </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
3.2 is  incorporated  by reference to the Exhibit  bearing the same number  included in
the Annual Report of Drew  Industries  Incorporated on Form 10-K for the fiscal year
ended August 31, 1985. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.135  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description
of split dollar life insurance plan for certain executive officers. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.164  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Executive
Employment and Non-Competition Agreement, dated January 2, 2004, by and between Lippert
Components, Inc. and L. Douglas Lippert. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.165  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Note
Purchase  Agreement,  dated January 28, 1998, by and among Kinro,  Inc.,  Lippert
 Components,  Inc. and Shoals Supply,  Inc.  (collectively,  the &#147;Note  Co-Issuers&#148;) and
                     Teachers  Insurance and Annuity  Association of America,  ING
Investment  Management,  Inc. as agent for Midwestern Life Insurance  Company,  Security
Life of Denver Insurance                      Company, Equitable Life Insurance Company
of Iowa and USG Annuity &amp; Life Insurance Company (collectively, the &#147;Note Purchasers&#148;). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.166  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.95%
Senior Notes due January 28, 2005 in the aggregate principal amount of   $40,000,000
issued by the Note Co-Issuers to the Note Purchasers. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.167  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pledge
 Agreements,  dated January 28, 1998, by and between The Chase Manhattan Bank, as trustee
for the benefit of the Note Purchasers  and,  separately,  Registrant,  Kinro,
                     Inc., Shoals Supply, Inc., Kinro Manufacturing. </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.168  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Guarantee Agreement, dated January 28, 1998, by and among Registrant and
the Note Purchasers.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>51 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
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<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.169  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiary
Guaranty,  dated January 28 1998, by Kinro Holding Inc., Kinro Manufacturing,  Inc.,
Shoals Holding, Inc., Kinro Texas Limited Partnership,  Kinro Tennessee Limited
                     Partnership, Shoals Supply Texas Limited Partnership and Shoals
Supply Tennessee Limited Partnership (collectively, the &#147;Subsidiaries&#148;) in favor of the
Note Purchasers. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.170  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Collateralized
Trust Agreement, dated January 28, 1998, by and among the Note Co-Issuers and the Note
Purchasers. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.171  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subordination
Agreement, dated January 28, 1998, by and among Registrant, the Note Co-Issuers, Lippert
Components, Inc., the Subsidiaries, and the Note Purchasers. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.172  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$25,000,000
 Revolving  Credit Facility - Credit  Agreement,  dated January 28 1998, by and among
Kinro,  Inc., and Lippert  Components,  Inc. (The  &#147;Borrowers&#148;) and The Chase
                     Manhattan Bank (&#147;Chase&#148;) and KeyBank National Association
(&#147;KeyBank&#148;) (together, the &#147;Lenders&#148;). </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.173  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15,000,000
Revolving Credit Note, dated January 28, 1998, made by the Borrowers to Chase. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.174  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$10,000,000
Amended and Restated Revolving Credit Note, dated January 28, 1998, made by the Borrowers
to KeyBank. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.175  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Company
Guarantee Agreement, dated January 28, 1998, made by Registrant to Chase, as agent for
the Lenders. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.176  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiary
 Guarantee  Agreement,  dated January 28, 1998, made by each direct and indirect
subsidiary of Registrant (other than the Borrowers) in favor of Chase, as agent for
                     the Lenders. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.177  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subordination
Agreement, dated January 29, 1998, made by each direct and indirect subsidiary of
Registrant and Chase, as agent for the Lenders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.178  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pledge
and Security  Agreement,  dated January 28, 1998, made by Registrant,  the Borrowers,
 and certain indirect  subsidiaries of Registrant in favor of Chase, as collateral
                     agent. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.179  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$25,000,000
 Revolving  Credit  Facility - Amended and Restated Credit  Agreement,  dated January 28
1998, as amended and restated as of November 13, 2001, by and among Kinro,
                     Inc., Lippert Tire &amp; Axle, Inc. and Lippert Components,  Inc. (the
&#147;Borrowers&#148;) and JP Morgan Chase Bank (&#147;Chase&#148;) and KeyBank National Association
(&#147;KeyBank&#148;) (together,  the                      &#147;Lenders&#148;). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.180  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$15,000,000
Amended and Restated Revolving Credit Note, dated November 13, 2001, made by the
Borrowers to Chase. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.181  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$10,000,000
Amended and Restated Revolving Credit Note, dated November 13, 2001, made by the
Borrowers to KeyBank. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.182  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplement
to Subsidiary  Guarantee  Agreement,  dated  November 13, 2001,  made by each direct and
indirect  subsidiary of Registrant  (other than the  Borrowers) in favor of
                     Chase, as agent for the Lenders. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.183  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplement
to Subordination Agreement, dated November 13, 2001, between each direct and indirect
subsidiary of Registrant and Chase, as agent for the Lenders. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.184  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplement
to Pledge and Security Agreement,  dated November 13, 2001, made by the Borrowers,  and
certain indirect subsidiaries of Registrant in favor of Chase, as collateral
                     agent. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>52 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.185  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amendment
No. 1 to Note Purchase Agreement,  effective as of November 14, 2001, by and among Kinro,
Inc, Lippert Components,  Inc. and Lippert Tires Axle, Inc.  (collectively,
                     the &#147;Note Co-Issuers&#148;) and Teachers Insurance and Annuity
 Association of America,  ING Investment  Management,  Inc. as agent for Midwestern Life
Insurance Company,  Security                      Life of Denver Insurance Company,
Equitable Life Insurance Company of Iowa and USG Annuity &amp; Life Insurance Company
(collectively, the &#147;Noteholders&#148;). </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.186  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Replacement
6.95% Senior Notes due January 28, 2005 in the aggregate principal amount of   $32
million issued by the Note Co-Issuers to the Noteholders. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Exhibit Index Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.187  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amendment
 No. 1 to Pledge  Agreement,  dated as of November  14,  2001,  by and  between JP Morgan
 Chase Bank,  as trustee  for the benefit of the  Noteholders,  and Lippert
                     Components, Inc. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.188  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Subsidiary
Joinder, dated as of November 14, 2001 by Coil Clip, Inc. and LD Realty, Inc. in favor of
the Noteholders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.189  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Supplement
to Subordination Agreement, dated as of November 14, 2001, by and among Registrant, the
subsidiaries party thereto, and the Noteholders. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.190  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Amended
and Restated Employment Agreement by and between Kinro, Inc. and David L. Webster, dated
April 4, 2000. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.191  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second
 Amendment,  dated as of December 31, 2002, to Amended and Restated Credit  Agreement
 dated as of November 13, 2001 among the Borrowers and the Lenders,  as amended by
                     the First Amendment thereto, dated as of February 15, 2002. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.192  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second
Amended and Restated Revolving Credit Note, dated as of December 31, 2002, made by the
Borrowers to Chase. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.193  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Second
Amended and Restated Revolving Credit Note, dated as of December 31, 2002, made by the
Borrowers to KeyBank. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.194  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew
Industries Incorporated 2002 Equity Award and Incentive Plan. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.195  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>License
Agreement, dated February 28, 2003, by and among Versa Technologies, Inc., VT Holdings
II, Inc. and Engineered Solutions LP, and Lippert Components, Inc. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.196  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employment
Agreement by and between Lippert Components, Inc. and Jason D. Lippert, effective
February 5, 2003. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=11%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.197  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=86%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Change
of Control Agreement by and between Fredric M. Zinn and Registrant, dated September 12,
2003. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
10.135 is incorporated by reference to the Exhibit bearing the same number included in
the Company&#146;s  Transition  Report on Form 10-K for the period  September 1, 1992 to
December 31, 1993. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
10.164 is filed herewith. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
 10.165-10.178  are incorporated by reference to the Exhibits bearing the same numbers
included in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 1997. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
 10.179-10.190  are incorporated by reference to the Exhibits bearing the same numbers
included in the Company&#146;s Annual Report on Form 10-K for the year ended December 341,
2001. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>53 </FONT></P>
<HR SIZE=5 NOSHADE>

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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits
 10.191-10.193  are  incorporated  by reference  to the Exhibits  bearing the same
numbers  included in the  Company&#146;s  Annual  Report in Form 10-K for the year ended
December 31, 2002. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
10.194 is incorporated by reference to Exhibit A to the Company&#146;s Proxy Statement dated
April 10, 2002. </FONT></P>

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<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td width=100% align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Exhibit
      10.195 is filed herewith.</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">______________________</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Exhibit
      10.196 is filed herewith.</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">______________________</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">Exhibit
      10.197 is filed herewith.</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">______________________</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">14</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code
      of Ethics</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
      14 is filed herewith</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">______________________</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">21</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
      21 is filed herewith.</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">______________________</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">23</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent
      of Independent Auditors. </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
      23 is filed herewith.</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">______________________</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">24</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers
      of Attorney.</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT colspan="3"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Powers
      of Attorney of persons signing this Report are included as part of this
      Report.&nbsp; </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">31.1</font></td>
    <td align=LEFT colspan="3" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule
      13a-14(a) Certificate of Chief Executive Officer&nbsp; </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">31.2</font></td>
    <td align=LEFT colspan="3" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule
      13a-14(a) Certificate of Chief Financial Officer&nbsp; </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">32.1</font></td>
    <td align=LEFT colspan="3" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1350 Certificate of Chief Executive Officer&nbsp; </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">32.2</font></td>
    <td align=LEFT colspan="3" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
      1350 Certificate of Chief Financial Officer&nbsp; </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT colspan="3" nowrap><font face="Times New Roman, Times, serif" size="2">Exhibits
      31.1-32.2 are filed herewith _______________,&nbsp; </font></td>
  </tr>
</table>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>54 </FONT></P>
<HR SIZE=5 NOSHADE>

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<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Pursuant to the  requirements  of
Section 13 or 15(d) of the  Securities  Exchange Act of 1934, as amended,  Registrant
 has duly caused this Report to be signed on its behalf by the  undersigned, thereunto
duly authorized.</B> </FONT></P>

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  <tr valign=TOP>
    <td width=40%><font face="Times New Roman, Times, Serif" size=2>Date: March
      11, 2004</font></td>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2>DREW INDUSTRIES
      INCORPORATED<br>
      <br>
      <br>
      By: <i>/s/ Leigh J. Abrams</i><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leigh J. Abrams, President</font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Pursuant to the
requirements of the Securities and Exchange Act of 1934, as amended, this Report
has been signed below by the following persons on behalf of the Registrant and
in the capacities and dates indicated.</B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
person whose signature appears below hereby authorizes Leigh J. Abrams and
Fredric M. Zinn, or either of them, to file one or more amendments to the Annual
Report on Form 10-K which amendments may make such changes in such Report as
either of them deems appropriate, and each such person hereby appoints Leigh J.
Abrams and Fredric M. Zinn, or either of them, as attorneys-in-fact to execute
in the name and on behalf of each such person individually, and in each capacity
stated below, such amendments to such Report. </FONT></P>

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<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td width=17% align=LEFT><b><font face="Times New Roman, Times, Serif" size="1">Date</font></b></td>
    <td width=3% align=LEFT><b><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></b></td>
    <td width=35% align=LEFT><b><font face="Times New Roman, Times, Serif" size="1">Signature</font></b></td>
    <td width=3% align=LEFT><b><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></b></td>
    <td width=40% align=LEFT><b><font face="Times New Roman, Times, Serif" size="1">Title</font></b></td>
  </tr>
  <tr valign=top>
    <td align=LEFT>
      <hr NOSHADE size=1 align="left" width="20">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr NOSHADE size=1 align="left" width="45">
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr NOSHADE size=1 align="left" width="25">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By:<i>
      /s/Leigh J. Abrams</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director,
      President and</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(Leigh J. Abrams)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Chief Executive
      Officer</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/Fredric
      M. Zinn</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Executive
      Vice President and</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(Fredric M. Zinn)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Chief Financial
      Officer</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/John
      F. Cupak</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Secretary</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(John F. Cupak)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/
      Joseph S. Giordano III</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Corporate
      Controller and Treasurer</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(Joseph S. Giordano III)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/Edward
      W. Rose, III</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(Edward W. Rose, III)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/David
      L. Webster</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(David L. Webster)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/L.
      Douglas Lippert</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(L. Douglas Lippert)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/James
      F. Gero</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(James F. Gero)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/Gene
      H. Bishop</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(Gene H. Bishop)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By: <i>/s/Fredrick
      B. Hegi, Jr.</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(Frederick B. Hegi, Jr.)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">March 11,
      2004</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">By:<i>
      /s/ David A. Reed</i></font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Director</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      &nbsp;&nbsp;&nbsp;(David A. Reed)</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"> </font></td>
  </tr>
</table>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>55 </FONT></P>
<HR SIZE=5 NOSHADE>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Independent
Auditors&#146; Report</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board of Directors and
Stockholders<BR>Drew Industries Incorporated: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
date of February 11, 2004, we reported on the consolidated balance sheets of
Drew Industries Incorporated and subsidiaries as of December 31, 2003 and 2002,
and the related consolidated statements of income, stockholders&#146; equity,
and cash flows for each of the years in the three-year period ended
December&nbsp;31, 2003, as contained in Item 8 of this Form 10-K. In connection
with our audits of the aforementioned consolidated financial statements, we also
have audited the related financial statement schedule as listed in Item 15. This
financial statement schedule is the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on this financial
statement schedule based on our audits. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion, such financial statement schedule, when considered in relation to
the basic consolidated financial statements taken as a whole, presents fairly,
in all material respects, the information set forth therein. </FONT></P>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ KPMG LLP <BR>Stamford,
Connecticut<BR>February 11, 2004 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>56 </FONT></P>
<HR SIZE=5 NOSHADE>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>DREW INDUSTRIES
INCORPORATED AND SUBSIDIARIES<BR>SCHEDULE II &#151; VALUATION AND QUALIFYING ACCOUNTS</B><BR><I>(in
thousands)</I> </FONT></P>

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<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr align="center">
    <td align=left valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">COLUMN
      A</font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">COLUMN
      B</font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">COLUMN
      C</font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">COLUMN
      D</font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">COLUMN
      E</font></b></td>
  </tr>
  <tr align="center">
    <td valign="bottom" nowrap>
      <hr NOSHADE size=1 align="left" width="55">
    </td>
    <td colspan="2" valign="bottom" nowrap>
      <hr NOSHADE size=1>
    </td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" valign="bottom" nowrap>
      <hr NOSHADE size=1 width="55">
    </td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap>
      <hr NOSHADE size=1>
    </td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr align="center">
    <td rowspan="3" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" rowspan="3" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">
      Balance At <br>
      Beginning Of<br>
      Period <br>
      </font></b></td>
    <td rowspan="3" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="5" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">Additions</font></b></td>
    <td rowspan="3" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" rowspan="3" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">Deductions</font></b></td>
    <td rowspan="3" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" rowspan="3" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1"></font></b><b><font face="Times New Roman, Times, serif" size="1">
      Balance At <br>
      End of Period</font></b></td>
  </tr>
  <tr align="center">
    <td colspan="5" nowrap>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr align="center">
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">Charged
      To<br>
      Costs and <br>
      Expenses <br>
      </font></b></td>
    <td valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1"></font></b></td>
    <td colspan="2" valign="bottom" nowrap><b><font face="Times New Roman, Times, serif" size="1">Charged
      To<br>
      Other <br>
      Accounts </font></b></td>
  </tr>
  <tr>
    <td align=LEFT nowrap>&nbsp;</td>
    <td colspan="14" align=left>
      <hr NOSHADE size=1>
    </td>
  </tr>
  <tr>
    <td width=100% align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">YEAR
      ENDED DECEMBER 31, 2003:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance
      for doubtful accounts</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      1,226</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      106</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      39</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">118</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1,253</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;receivable,
      trade</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">YEAR
      ENDED DECEMBER 31, 2002:</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance
      for doubtful accounts</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      590</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      837</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      201</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">(b)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">1,226</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;receivable,
      trade</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=3 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td colspan=2 align="left"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">YEAR
      ENDED DECEMBER 31, 2001:</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance
      for doubtful accounts</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      692</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      181</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      33</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">(a)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">316</font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">(b)</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">$&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">590</font></td>
  </tr>
  <tr>
    <td align=LEFT valign="bottom" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;receivable,
      trade</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
    <td align=LEFT valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=left valign="bottom"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT valign="bottom"><font face="Times New Roman, Times, serif" size="2">
      </font></td>
  </tr>
  <tr>
    <td nowrap></td>
    <td colspan=3 align="left"></td>
    <td colspan=3 align="left"></td>
    <td colspan=3 align="left"></td>
    <td colspan=3 align="left"></td>
    <td colspan=2 align="left"></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(a) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Represents
balance at date of acquisition of acquired companies.</I> </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>(b) </I> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Represents
accounts written-off net of recoveries.</I> </FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>57 </FONT></P>
<HR SIZE=5 NOSHADE>

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</BODY>
</HTML>




</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.164
<SEQUENCE>3
<FILENAME>d58763_ex10-164.htm
<DESCRIPTION>EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGRMNT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
     <!-- Project:        X:\JOBS\04-58692\d04-58692.eep                                   -->
     <!-- Control Number: 04-58692                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-10.164</TITLE>
</HEAD>
<BODY>

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<TD>
<BR>

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<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Exhibit 10.164</B> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>EMPLOYMENT AGREEMENT </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYMENT
 AGREEMENT  (&#147;Agreement&#148;)  made this 2nd day of January,  2004, by and between Lippert
 Components,  Inc., a Delaware  corporation  (the &#147;Company&#148;) and L. Douglas Lippert (the
&#147;Executive&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>W I T N E S S E T H :</FONT></H1>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
 the Executive has been the Chairman of the Company,  the Company desires to secure his
continued services for the Company,  and the Executive is willing to perform such
services, upon the terms and conditions hereinafter set forth; </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
 THEREFORE,  in consideration of the mutual covenants and agreements herein contained,
 and in reliance upon the respective  representations and warranties made to them in this
Agreement, the parties hereto agree as follows: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.
RETAINER </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1
The Company hereby retains the Executive and the Executive hereby agrees to serve the
Company as Chairman of the Board of Directors of the Company and each of its subsidiaries
and as a general advisor to the Company, under the terms and conditions of this
Agreement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.
TERM </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term of this  Agreement,  unless  sooner  terminated  pursuant  to the terms  hereof,
 shall be for the three (3) year period  commencing  on January 1, 2004 and continuing
through December 31, 2006 (the &#147;Term&#148;). </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.
SERVICES - LOCATION </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
The Executive shall serve the Company faithfully, efficiently and diligently as its
Chairman and as a general advisor with respect to the Company&#146;s business.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
The Executive shall be available to render such services to the Company from time to time
in person, upon reasonable notice to the Executive, as the Company shall reasonably deem
necessary; provided, however, that the Executive shall not be required to perform more
than twenty-five (25) hours of service per week during the first year of the Term, and
ten (10) hours of service per week during each of the second and third years of the Term.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.
COMPENSATION </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company  agrees to pay the Executive  during the Term for all services to the Company,
 and the  Executive  agrees to accept,  compensation  in the amount of (i) Three Hundred
Thousand ($300,000) Dollars during the first year of the Term and (ii) One Hundred
Thousand ($100,000) Dollars during each of the second and third years of the term. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.
EXPENSES, BENEFITS </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
All reasonable travel, entertainment and other expenses actually incurred incident to the
rendering of services by the Executive hereunder and consistent with Company&#146;s
travel policies will be paid by the Company. If any such expenses are paid in the first
instance by the Executive, the Company will reimburse him therefor on presentation of
expense vouchers.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
The Executive and his immediate family shall continue to receive medical coverage, and
the Executive shall continue to receive disability and long-term care insurance, at least
equivalent, in nature and extent, to the coverage afforded by the Company prior to the
date hereof.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
The Executive shall be eligible to participate in any pension, retirement or
profit-sharing plan available to executives of the Company.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4
During the period of employment hereunder, the Company, at it expense, will make
available to the Executive one automobile (or an automobile allowance at the option of
the Executive), together with gasoline credit cards, customary insurance, maintenance,
license fees, and parking, to be used in connection with the business of the Company. The
Company will pay for all maintenance and parking of such automobile.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.
TERMINATION </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1
If, on account of physical or mental disability as certified in writing by a reputable
doctor selected by the Company, the Executive shall fail or be unable to fully perform
this Agreement for an aggregate of twenty-five (25) days during any three month period of
this Agreement, the Company may at any time thereafter upon five (5) days written notice
to the Executive, terminate this Agreement; and upon any such termination, the Company
shall have no further obligation or liability to the Executive, except that the Company
shall continue to pay the Executive the compensation payable pursuant to Section 4 and
the benefits provided pursuant to Section 5.2 until the first to occur of (i) the
expiration of the Term or (ii) one year from the date of termination.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
In the event of the death of the Executive during the Term, all obligations of the
Company pursuant to this Agreement shall terminate on the date of death, except that the
Company shall continue to pay the estate of the Executive the compensation payable
pursuant to Section 4 and shall provide to the Executive&#146;s immediate family the
benefits pursuant to Section 5.2 until the first to occur of (i) the expiration of the
Term or (ii) one year from the date of death.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3
The Company shall have the right to terminate this Agreement, at any time, upon five (5)
days written notice to the Executive in the event that (i) the Executive shall engage in
conduct which constitutes gross negligence with respect to the performance of services
hereunder; or (ii) the Executive shall engage in conduct which could reasonably be
expected to have a materially adverse effect on the Company or any affiliate of the
Company; or (iii) the Executive shall fail to devote the time, attention and efforts to
the performance of services hereunder as required hereby; or (iv) the Executive shall
commit any act of dishonesty, embezzlement, fraud, accepting bribery or kickbacks or
similar acts involving the Company, or in connection with the Executive&#146;s
performance of services hereunder, or shall be convicted of, or plead guilty or nolo
contendere to, a felony or any crime involving moral turpitude, or shall suffer habitual
absenteeism as a result of substance abuse; or (v) the Executive shall have breached any
of the representations, warranties, covenants or agreements contained herein. Upon any
termination pursuant to this Section 6.3, the Company shall have no further obligation or
liability to the Executive.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 2 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4
In the event the Executive terminates this Agreement, the Company&#146;s sole obligation
shall be to pay the Executive the compensation pursuant to Section 4.1 until the date of
termination and the Company shall have no further obligation or liability to the
Executive.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Bold 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.
NON-COMPETITION - CORPORATE PROPERTY </B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1
During the Term, and for a period of seven (7) years after the termination or expiration
of this Agreement, the Executive shall not, directly or indirectly, (i) undertake or
perform any services in or for any other enterprise that may or would interfere with his
due performance of services hereunder; or (ii) undertake or perform any services in or
for, or render services to, any business competitive to that of the Company.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2
For purposes of this Agreement, a business shall be deemed competitive if it is conducted
in any geographic or market area in which the Company is engaged in business during the
period covered by Section 7.1 and involves the creation, development, design,
manufacture, production, marketing, packaging or sale of any products or services offered
by the Company or its subsidiaries and affiliates during the term of this Agreement.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3
The Executive recognizes and acknowledges that, in the course of the performance of
services hereunder, he may be given access to and may acquire information of a secret and
special nature, and of unique value to the Company. Accordingly, the Executive shall not
at any time, during the term of this Agreement or for a period of seven (7) years after
the termination or expiration of this Agreement, (i) divulge to any person, firm,
association, corporation or other entity any information with respect to the business of
the Company and its affiliates that he may acquire in connection with the performance of
services hereunder, including, but not limited to, production manufacturing methods,
arrangements or processes; sales methods or arrangements; customer or supplier
information; technical data; know-how and other information, whether or not commonly
regarded as proprietary information or trade secrets.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Bold 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.
ADDITIONAL PROVISIONS </B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1
All notices and other communications hereunder shall be in writing and shall be given
(and shall be deemed to have been duly given upon receipt) by delivery in person,
telegram, telex, facsimile or other standard form of telecommunication, or by registered
or certified post-paid mail, return receipt requested, and addressed as follows, or to
such other address as any party may notify the other in accordance with provision hereof:  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 3 - </FONT></P>
<HR SIZE=5 NOSHADE>



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</TR>
</TABLE>
<BR>





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<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td valign="top" nowrap><font face="Times New Roman, Times, serif" size="2">To
      the Company:</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap colspan="2"><font face="Times New Roman, Times, serif" size="2">Lippert
      Components, Inc.<br>
      2766 College Avenue <br>
      Goshen, IN 46528 <br>
      </font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Attention:<br>
      Telephone:<br>
      Telecopy: <br>
      </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">President <br>
      574-535-2085<br>
      574-535-2091</font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">- copy to -</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap colspan="2"><font face="Times New Roman, Times, serif" size="2">Drew
      Industries Incorporated<br>
      200 Mamaroneck Avenue <br>
      Suite 301 <br>
      White Plains, New York 10601</font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Attention:
      <br>
      Telephone: <br>
      Telecopy: <br>
      </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">President <br>
      914-428-9098<br>
      914-428-4581</font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">- and -</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap colspan="2"><font face="Times New Roman, Times, serif" size="2">Phillips
      Nizer LLP <br>
      666 Fifth Avenue - 28th Floor<br>
      New York, New York 10019 </font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Attention:
      <br>
      Telephone: <br>
      Telecopy: <br>
      </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Harvey F. Milman,
      Esq.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
      (212) 841-0746 <br>
      (212) 262-5152 </font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td valign="top" nowrap><font face="Times New Roman, Times, serif" size="2">To
      the Executive:</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap colspan="2"><font face="Times New Roman, Times, serif" size="2">L.
      Douglas Lippert <br>
      Le Rivage - PH #3 <br>
      4351 Gulf Shore Blvd North<br>
      Naples, Florida 34103 </font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2
The invalidity of all or any part of any section, paragraph or subparagraph of this
Agreement shall not render invalid the remainder of this Agreement, or the remainder of
any such section, paragraph or subparagraph, provided that the essential terms and
conditions of the Agreement remain valid and enforceable.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3
This Agreement constitutes the entire agreement between the parties, and there are no
terms other than those contained herein. No variations hereof shall be deemed valid
unless in writing and signed by the parties hereto, and no discharge of the terms hereof
shall be deemed valid unless by full performance by the parties hereto, or by writing
signed by the parties hereto.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4
The Company may, but shall not be obligated to, apply for and maintain fidelity bonds or
similar insurance with respect to the acts or omissions of the Executive. The Executive
agrees to take such steps and perform such acts as shall be necessary to assist the
Company in obtaining or maintaining in effect such bonds or insurance, including the
completion of the required applications and questionnaires, the furnishing of any
required references, and consenting, upon request, to any required background, financial
or other investigations.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 4 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5
In connection with any legal proceeding arising hereunder between the Company and the
Executive, the prevailing party, by motion, on the merits, or otherwise, shall be
reimbursed by the other party for all costs and expenses, including reasonable attorneys&#146;fees,
paid or incurred by the prevailing party in prosecuting or defending such proceeding.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6
This Agreement shall be governed by the laws of the State of New York, without giving
effect to the principles of conflicts of laws, including, but not limited to, matters of
construction, validity and performance. Each party hereto hereby irrevocably submits to
the exclusive jurisdiction of the United States District Court for the Southern District
of New York and any court of competent jurisdiction of the State of New York located in
New York City over any suit, action or proceeding arising out of or relating to this
Agreement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7
This Agreement shall inure to the benefit and be binding upon the Company, and its
assigns and the Executive and his heirs, executors, administrators and legal
representatives.  </FONT></P>

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</TR>
</TABLE>
<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td width="50%"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td><font face="Times New Roman, Times, serif" size="2">Lippert Components,
      Inc.<br>
      <br>
      <br>
      By: /s/ Leigh J. Abrams <br>
      <br>
      /s/ L. Douglas Lippert </font></td>
  </tr>
</table>
<BR>

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<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 5 - </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.195
<SEQUENCE>4
<FILENAME>d58763_ex10-195.htm
<DESCRIPTION>LICENSE AGREEMENT
<TEXT>

<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
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     <!-- Project:        X:\JOBS\04-58692\d04-58692.eep                                   -->
     <!-- Control Number: 04-58692                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-10.195</TITLE>
</HEAD>
<BODY>

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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Right 10" FSL="Project" -->
<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Exhibit 10.195</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>LICENSE
AGREEMENT</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This License Agreement is
entered into and effective as of February 28, 2003, by and between Versa
Technologies, Inc., VT Holdings II, Inc. and Engineered Solutions LP and their
respective parent, subsidiary and affiliated entities, (hereinafter
&#147;LICENSORS&#148;), and Lippert Components, Inc., (hereinafter
&#147;LICENSEE&#148;). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS
the parties have entered into a settlement agreement concurrently herewith (&#147;the
Settlement Agreement&#148;) to settle certain litigation specified in the Settlement
Agreement between LICENSORS and LICENSEE; and  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Settlement Agreement provides that LICENSORS will license LICENSEE with certain
patent rights.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, PURSUANT AND SUBJECT TO THE TERMS OF THE SETTLEMENT AGREEMENT, IT IS AGREED AS
FOLLOWS:  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.
<I>Definitions</I> </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1
&#147;Licensed Rights&#148; shall mean U.S. Patent Nos. 5,758,918; 6,176,045; and
6,182,401 (&#147;the Patents&#148;) any continuations, divisions, continuations-in-part,
reissues, reexaminations or extensions thereof, any patent whether or not now pending or
issued, which claims or could claim a valid right of priority to any of the foregoing,
any patent to which any Patent claims or could claim a valid right of priority, and any
other patent issued now or to be issued in the future and owned or licensed by LICENSORS
concerning the subject matter of Slide-Out Systems defined below.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2
&#147;Licensed Products&#148; shall mean the products manufactured by Licensee which, in
the course of their manufacture, use, offer for sale or sale, would, in the absence of
this license, infringe one or more claims of the Licensed Rights, including but not
limited to the current Lippert Slide-Out Systems commercially designated as the &#147;Lippert
Electric Slideout System&#148; and the &#147;HydraGear,&#148; as illustrated and
described in the product instruction manuals annexed as Attachment E and Attachment F,
respectively, and including minor modifications such as changes in materials and
dimensions, which HydraGear system employs a telescoping cross shaft as depicted in the
Lippert Electric System instruction manual (the &#147;Slide-Out System&#148;).  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.
<I>License Grant.</I> </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms hereof,  LICENSORS  hereby grant to Licensee a  non-exclusive,  license to
make,  use, sell and offer for sale the Licensed  Products  under the Licensed  Rights,
 without right to  sublicense,  and  non-transferable  except as provided  below,
 subject to payment of the  royalties  set forth in Paragraph  2(b) through (f) of the
Settlement Agreement. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.
<I>Term and Termination.</I> </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term of this License  Agreement shall extend from the effective date hereof until
expiration of the last to expire of the Patents,  except as otherwise  provided in
Paragraph 3(e) of the Settlement Agreement. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.
<I>General.</I> </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1
This License Agreement shall not be transferred or assigned by the Licensee without the
written consent of LICENSORS, which consent shall not be unreasonably withheld, except
that no consent shall be required if the transfer or assignment (1) is to a subsidiary,
parent or affiliate of LICENSEE; (2) is part of a transfer of all or substantially all of
the assets of the LICENSEE, to a subsidiary, parent or affiliate of LICENSEE; or (3)
constitutes a grant of a security interest in connection with financing in which the
lender is granted a general security interest in LICENSEE&#146;s assets, provided that no
such grant of security interest, and no lien rising thereunder, shall permit the sale of
any rights under this License Agreement to any person or entity other than a subsidiary,
parent or affiliate of LICENSEE. LICENSOR&#146;s rights, title and interest in this
License Agreement may be assigned in the sole discretion of LICENSOR, provided that such
assignment does not result in any impediment to the rights of LICENSEE hereunder.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2
Licensee shall assume all liability, including without limitation product liability,
arising from its manufacture, use, offer or sale of the Licensed Products pursuant to
this License Agreement and/or the Settlement Agreement, and agrees to indemnify and hold
LICENSORS harmless for any liability to any persons not a party to this Agreement in
connection with its manufacture, use, offer or sale of the Licensed Products, except to
the extent that LICENSORS provide any component of any Licensed Product.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3
LICENSORS undertake no obligation to provide technical advice or assistance with respect
to the manufacture, use, offer or sale of the Licensed Products under this Agreement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4
Except for the Settlement Agreement, which shall take precedence over this License
Agreement in case of any conflicting terms, this License Agreement constitutes the entire
agreement by, between and among the parties and the terms hereof cannot be modified or
changed, except in writing signed by the parties hereto.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5
Neither party may waive or release any of its rights or interest in this Agreement except
in writing. No waiver by either party of any default by the other shall constitute a
waiver of a like, similar or other default thereafter.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6
       LICENSEE  shall apply a statutory  patent marking notice in compliance  with 35
U.S.C. ss.287 on all Licensed  Products.  Licensee  agrees that it will not use LICENSORS&#146;
 name without the express written permission of LICENSORS. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7
LICENSORS, on the one hand, and LICENSEE on the other hand, shall each be responsible for
any taxes or import duties, however designated, that may be assessed against either of
them as, respectively, LICENSORS and LICENSEE. LICENSORS represent and warrant that they
have the power, right and authority to grant the license granted herein and to execute
this License Agreement.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8
       This Agreement shall be governed by and interpreted in accordance with the laws of
the State of Wisconsin. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9
Any notices required or permitted to be given under the terms of this License Agreement
shall be given as specified in Paragraph 15 of the Settlement Agreement.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(Signature Page Follows) </FONT></P>

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<DOCUMENT>
<TYPE>EX-10.196
<SEQUENCE>5
<FILENAME>d58763_ex10-196.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
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     <!-- Project:        X:\JOBS\04-58692\d04-58692.eep                                   -->
     <!-- Control Number: 04-58692                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-10.196</TITLE>
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<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Exhibit 10.196</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXECUTIVE
EMPLOYMENT AND NON-COMPETITION AGREEMENT</FONT></H1>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT
 made this 3rd day of November,  2003, but as of February 5, 2003, by and between
 Lippert  Components  Manufacturing,  Inc., a Delaware  corporation  (the &#147;Corporation&#148;)
and Jason D. Lippert (the &#147;Executive&#148;). </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>W I T N E S
S E T H:</FONT></H1>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
on February 5, 2003, the Executive was appointed President and Chief Executive Officer of
the Corporation,  Lippert Components,  Inc. (&#147;LCI&#148;), parent of the Corporation,
 and all other entities of which LCI is a direct or indirect parent or partner,
 excluding Lippert Components Holding, Inc. (collectively,  the &#147;LCI Entities&#148;),
all of which are direct or indirect  subsidiaries of Drew Industries  Incorporated  (&#147;Drew&#148;),
 and has had extensive business and financial experience with the business conducted by
the LCI Entities, and the Corporation desires to utilize the Executive&#146;s experience,
knowledge and abilities in connection with the operations of the LCI Entities; and </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Corporation does not wish the Executive to compete against the LCI Entities, </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained, it
is agreed as follows: </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
<I>Employment</I>. The Corporation hereby employs the Executive and the Executive hereby agrees
to serve the LCI Entities, excluding Lippert Components Holding, Inc., as President and
Chief Executive Officer. The Executive will perform his duties on behalf of the LCI
Entities at the principal executive offices of the Corporation in Goshen, Indiana;
provided, however, that relocation of the Corporation&#146;s executive offices shall be
subject to approval of the Board of Directors of the Corporation and the Executive shall
at no time be required to change his residence without his consent.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
        <I>Term</I>.  The term of this Agreement shall be for the three (3) year period
commencing as of the February 5, 2003. </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
<I>Duties</I>. During the term of this Agreement, the Executive shall exert his best efforts,
and, subject to the terms and provisions hereof, shall devote substantially all of his
time, attention, skills and efforts to the business and affairs of the LCI Entities and
will use his best efforts to promote the interests thereof. Consistent with the
foregoing, the Executive shall not be precluded from giving appropriate attention to his
personal and financial affairs. The Executive shall act in accordance with the policies
of the LCI Entities as determined from time to time by their respective Boards of
Directors consistent with this Agreement, and shall perform such services and duties as
such Boards of Directors may from time to time direct consistent with this Agreement,
including, but not limited to, the duty to hire and discharge employees of the LCI
Entities and to determine the compensation paid to such employees, including bonuses paid
to such employees from the annual 18% incentive bonus pools maintained by the LCI
Entities (the &#147;Bonus Pools&#148;).  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
<I>Compensation</I>. The Corporation agrees to pay the Executive for his services to the LCI
Entities a salary (&#147;Base Salary&#148;) of (i) Three Hundred Thousand ($300,000)
Dollars, effective as of February 5, 2003, for the year ending December 31, 2003, and
(ii) Four Hundred Thousand ($400,000) Dollars for each of the years ending December 31,
2004 and 2005, payable according to the customary payroll practice of the Corporation.
Performance of the Executive&#146;s services will be reviewed annually by the
Compensation Committee of the Board of Directors of Drew (the &#147;Compensation Committee&#148;).  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.
        <I>Incentive Compensation</I>. </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
In addition to the Base Salary, and subject to Section 5.3 hereof. The Executive shall be
entitled to receive, for each year during the term hereof, commencing with the year
ending December 31, 2003, performance-based incentive compensation (the &#147;Bonus&#148;),
equal to five (5%) percent of (i) the excess of operating profits of the LCI Entities
over (ii) $8.0 million for 2003, and $8.3 million for 2004 and 2005; provided, however,
that if, after August 31, 2003 any of the LCI Entities shall acquire additional business
operations or dispose of any existing business operations, the performance goals pursuant
to which the Bonus is paid may be modified upon agreement between the Executive and the
Corporation. The Bonus shall be paid from, and applied against, the Bonus Pools.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
For purposes of this Agreement, the term &#147;operating profits of the LCI Entities&#148; means
the consolidated income of the LCI Entities (A) before (i) interest expense, (ii)
interest or dividend income, (iii) impairment of goodwill, (iv) intercompany
administrative fees charged to any of the LCI Entities by Drew, (v) taxes based upon
income, (vi) extraordinary items determined in accordance with generally accepted
accounting principles, and (vii) the cumulative effect of a change in accounting
principles, and (B) after giving effect (positive or negative) to a capital charge equal
to 6% of the increase or decrease in (i) the average net assets employed by the LCI
Entities during the year for which the Bonus is being determined over (ii) $65 million
for the year ending December 31, 2003 and $55 million for 2004 and 2005. For purposes of
this Agreement, the term &#147;net assets&#148; means: (a) total assets, excluding cash,
minus (b) total liabilities, excluding (i) current and long-term debt, (ii) intercompany
balances, and (iii) income taxes payable or deferred, all as reflected on the monthly
Consolidating Balance Sheet of Drew and its subsidiaries.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
       Notwithstanding anything to the contrary contained herein, the following shall
apply to payment of the Bonus: </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1
    at least 60% of the amount of Bonus in excess of  $400,000  for any year  shall be
paid in shares of Drew  Restricted  Stock,  and the balance of 40% shall be paid in such
proportions of shares of Drew Restricted Stock and cash as the Executive shall elect in
his sole discretion. All such shares of Drew Restricted Stock shall be subject only to
the restriction on transferability for a period of two years from the date of grant;  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2
    the amount of Bonus in excess of five times the Base  Salary for any year shall be
paid in shares of Drew  Deferred  Stock which shall be issued to the Executive in five
 consecutive  annual  installments on or about January 2nd, each in the amount of 20% of
the total grant of Deferred Stock commencing one year from the date of grant; and </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3
    All grants and  issuances  of  Restricted  Stock and  Deferred  Stock as  aforesaid
 shall be subject in all respects to the Drew 2002 Equity Award and Incentive Plan (the
&#147;Drew Plan&#148;), and shall be made on, or as soon as practicable after, the date
on which Drew releases its year-end results of operations.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4
Nothing in this Agreement, nor any fixing of compensation in the form of Base Salary,
Bonus, deferred compensation, securities or otherwise, shall prevent the Compensation
Committee from granting to the Executive additional compensation in the form of cash,
salary increases, deferred compensation, securities or otherwise.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
        <I>Benefits</I>. </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1
The Executive and his immediate family shall continue to receive medical coverage at
least equivalent, in nature and extent, to the medical coverage afforded to him by the
LCI Entities prior to the date hereof, and such other reasonable benefits which he has
received from the LCI Entities prior to the date hereof.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
The Executive agrees to have an annual comprehensive physical examination at the expense
of the Corporation (to the extent not covered by insurance) by a physician of his choice.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3
The Executive shall be eligible to participate in any pension, retirement, or
profit-sharing plan adopted by the LCI Entities for the benefit of its executives. For
2003, the Executive also will be entitled to receive $10,000 pursuant to Drew&#146;s
retirement bonus program, that must be used to purchase a tax deferred annuity and/or
cash value life insurance. For each year of the term of this Agreement thereafter, the
Executive shall be entitled to receive such retirement bonus payments in amounts
determined at the discretion of the Compensation Committee, but not less than $10,000.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4
The LCI Entities shall maintain, at no cost to the Executive, disability insurance
providing for weekly payments to the Executive, in the event the Executive shall fail or
be unable to perform his obligations hereunder, in the amount of not less than $120,000
per year. Such payments shall continue for the maximum available term after the
commencement of disability.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5
During the period of employment hereunder, the Corporation, at its expense, will make
available to the Executive one automobile (or an automobile allowance at the option of
the Executive), together with gasoline, customary insurance, maintenance, license fees,
and parking, to be used in connection with the business of the LCI Entities.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6
The Executive shall be entitled to a vacation in each year during the term hereof of not
less than three (3) weeks.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7
The Corporation will recommend to the Compensation Committee that, in November 2003, the
Executive be granted an option to purchase 15,000 shares of Drew Common Stock in
accordance with the Drew Plan. During the term of this Agreement thereafter, the
Corporation will recommend that the Compensation Committee grant to the Executive options
to purchase additional shares of Drew Common Stock, or other equity awards of equivalent
value, having a Black-Scholes option pricing model (or similar model) annual value of at
least $90,000, subject, however, to the discretion of the Compensation Committee. The
expense related to stock option compensation will be deducted from &#147;operating
profits of the LCI Entities&#148; (as defined in Section 5.2 hereof) as and when expensed
by Drew.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.
        <I>Expenses</I>.  All travel and other expenses  incident to the rendering of services
by the Executive  hereunder in accordance  with the travel policies of the LCI Entities
will be paid by the Corporation.  If any such expenses are paid in the first instance by
the Executive, the Corporation will reimburse him therefor on presentation of expense
vouchers. </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
        <I>Termination</I>. </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1
If, on account of physical or mental disability, the Executive shall fail or be unable to
fully perform this Agreement for a continuous period of six (6) months, the Corporation
may, at its option, at any time thereafter, upon thirty (30) days written notice to the
Executive, terminate this Agreement, and this Agreement shall come to an end at the end
of said notice period as if such date were the termination date of this Agreement.
Notwithstanding the termination of the period of employment as aforesaid, the Corporation
shall pay the Bonus to the Executive proportionately with respect to the period prior to
the date of termination.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2
In the event of the death of the Executive during the term hereof, the term of this
Agreement shall terminate on the date of death. In such case, the Corporation shall
continue to pay to the heir or designee of the Executive (i) the Base Salary, which the
Executive would have been entitled to receive but for such termination, for a period of
six (6) months from the date of death of the Executive, and (ii) the Bonus,
proportionately, with respect to the period prior to the date of termination.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3
The Corporation shall have the right to terminate this Agreement at any time upon ten
(10) days written notice to the Executive in the event that (i) the Executive has
committed a willful material breach of the terms of this Agreement and such breach shall
continue for a period of ten (10) days after notice specifying the nature of the breach,
or (ii) the Executive is convicted of, or pleads nolo contendere to, any felony or crime
involving moral turpitude. In such event, this Agreement shall come to an end as of the
end of such notice period as if such date were the termination date of this Agreement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
        <I>Non-Competition, Corporate Property</I>.: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1
During the term of this Agreement and for a period of three (3) years from the date of
termination of this Agreement, the Executive shall not, directly or indirectly, undertake
or perform services in or for, or render services to, participate in, or have any
financial interest in, or engage in, any business competitive to that of the business of
the LCI Entities, Drew or their affiliates (collectively, the &#147;Affiliated Companies&#148;)
or solicit for employment or employ any employee of the Affiliated Companies. For
purposes hereof, a business shall be deemed competitive if it is conducted in any
geographic or market area in which any of the Affiliated Companies are engaged in
business during the period covered by this Section 9 and involves the development,
design, manufacture, marketing, packaging sale or distribution of any products developed,
designed, manufactured sold or distributed, or the offering of any services offered, by
any of the Affiliated Companies in the manufactured housing (including park and office
models), modular housing, recreational vehicle, and utility trailer industries; and the
Executive shall be deemed directly or indirectly to engage in such business if he, or any
member of his immediate family (i.e., his spouse and children) participates in such
business, or in any entity engaged in or which owns, such business, as an officer,
director, employee, consultant, partner, individual proprietor, manager or as an investor
who has made any loans, contributed to capital stock or purchased any stock; provided,
however, that the Executive will not at any time utilize the names &#147;Lippert&#148; or
&#147;Lippert Components&#148; or &#147;Continental Stamping&#148; or &#147;Kinro&#148; or
&#147;Drew&#148;, or any derivatives of any of the foregoing, or any other name used by
any of the Affiliated Companies in any business competitive to that of the business of
the Affiliated Companies, or any patent, trademark, tradename, service mark, logo,
copyright or similar intellectual property, whether or not registered, of any of the
Affiliated Companies, or any proprietary information of any of the Affiliated Companies.
The foregoing, however, shall not be deemed to prevent the Executive from investing in
securities if such class of securities in which the investment is made is listed on a
national securities exchange or is of a company registered under Section 12(g) of the
Securities Exchange Act of 1934, and, if the company in which such investment is made
competes with any of the Affiliated Companies, such investment represents less than one
(1%) per cent of the outstanding securities of such class.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 7 - </FONT></P>
<HR SIZE=5 NOSHADE>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2
The Executive agrees that all products, packaging, inventions, patents, patent
applications, designs, creations, ideas, techniques, methods, or any portions thereof, or
any improvements or modifications thereon, or any know-how or procedures related thereto,
which relate to the business of the Affiliated Companies, conceived, invented, discovered
or executed by the Executive during the term of this Agreement, whether or not marketed
or utilized by the Affiliated Companies, shall be the sole and exclusive property of the
LCI Entities, without additional compensation payable therefor; and by these presents the
Executive hereby assigns to the Corporation any and all right, title and interest he has,
or may have, therein.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.
Notices. All notices and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in person,
telegram, telex, facsimile or other standard form of telecommunication, or by registered
or certified post-paid mail, return receipt requested, and addressed as follows, or to
such other address as any party may notify the other in accordance with the provisions
hereof:  </FONT></P>

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<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td valign="top" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="top" nowrap><font face="Times New Roman, Times, serif" size="2">To
      the Corporation:</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Lippert Components
      Manufacturing, Inc.<br>
      2766 College Avenue <br>
      Goshen, Indiana 46528 </font></td>
    <td nowrap width="100%"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Attention:
      Chief Financial Officer <br>
      Telephone: (574) 535-2085<br>
      Telecopy: (574) 535-2091</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">- copy to -</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Lippert Components,
      Inc. <br>
      2375 Tamiami Trail North, Suite 110<br>
      Naples, Florida 34103 </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Attention:
      Chairman <br>
      Telephone: (239) 659-2005<br>
      Telecopy: (239) 659-2009</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Drew Industries
      Incorporated<br>
      200 Mamaroneck Avenue <br>
      White Plains, New York 10601</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Attention:
      President<br>
      Telephone: (914) 428-9098<br>
      Telecopy: <br>
      (914) 428-4581</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">- and -</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 8 - </FONT></P>
<HR SIZE=5 NOSHADE>

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<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Phillips Nizer
      LLP <br>
      666 Fifth Avenue <br>
      New York, NY 10103-0084 </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Attention:
      Harvey F. Milman, Esq.<br>
      Telephone: (212) 977-9700 <br>
      Telecopy: (212) 262-5152</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign="bottom">
    <td valign="top" nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td valign="top" nowrap><font face="Times New Roman, Times, serif" size="2">To
      the Executive:&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Jason D. Lippert
      <br>
      707 Bainbridge Place<br>
      Goshen, IN 46526 </font></td>
    <td nowrap width="100%"><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">- copy to</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="bottom">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">________________________<br>
      ________________________<br>
      ________________________<br>
      Telephone: _______________<br>
      Telecopy: ________________</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.
       <I>Additional Provisions</I>. </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1
This Agreement constitutes the entire Agreement between the parties, and there are no
terms other than those contained herein. No variation hereof shall be deemed valid unless
in writing and signed by the parties hereto, and no discharge of the terms hereof shall
be deemed valid unless by full performance by the parties hereto, or by a writing signed
by the parties hereto.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2
This Agreement shall inure to the benefit of and be binding upon the Corporation, its
successors and assigns, and the Executive, his heirs, executors, administrators and legal
representatives.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3
This Agreement shall not be terminated, voluntarily or involuntarily, by the liquidation
or dissolution of the Corporation or by the merger or consolidation of the Corporation
with or into another corporation.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4
In the event that any one or more of the provisions of this Agreement shall for any
reason be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Agreement
and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 9 - </FONT></P>
<HR SIZE=5 NOSHADE>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5
This Agreement shall be governed by the internal laws of the State of Indiana without
giving effect to principles of conflicts of law. Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the United States District Court located in
Indianapolis, Indiana over any suit, action or proceeding arising out of or relating to
this Agreement. Each party hereby irrevocably waives to the fullest extent permitted by
law, (i) the right to a trial by jury; (ii) any objection that they may now or hereafter
have to the venue of any such suit, action or proceeding brought in any such court; or
(iii) any claim that any such suit, action or proceeding has been brought in an
inconvenient forum. Final judgement in any suit, action or proceeding brought in any such
court shall be conclusive and binding upon each party duly served with process therein
and may be enforced in the courts of the jurisdiction of which either party or any of
their property is subject, by a suit upon such judgement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6
This Agreement may be executed in one or more counterparts, each of which shall be an
original, but all of which shall be deemed to be one and the same instrument.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7
In the event of any proceeding involving a claim or dispute arising under this Agreement,
the prevailing party (by motion, on the merits, or otherwise) shall be entitled to
recover, in addition to any remedy awarded in such proceeding, all costs and expenses,
including actual attorneys fees, incurred by the prevailing party in such proceeding.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8
The headings of this Agreement are for the convenience of reference only and shall not
affect in any manner any of the terms and conditions hereof.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(Signature Page Follows) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 10 - </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS.  WHEREOF,  the Corporation has caused these presents to be signed by its duly
authorized officer,  and its corporate seal to be hereunto affixed, and the Executive has
hereunto set his hand the day and year first above written.  </FONT></P>

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<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="top">
    <td width="50%">
      <p><font face="Times New Roman, Times, serif" size="2">ATTEST: <br>
        <br>
        <br>
        <br>
        </font><font face="Times New Roman, Times, serif" size="2">/s/ Fredric
        M. Zinn <br>
        <br>
        WITNESS: <br>
        <br>
        /s/ Jeannie Colthorp</font></p>
      </td>
    <td><font face="Times New Roman, Times, serif" size="2">LIPPERT COMPONENTS
      MANUFACTURING, <br>
      &nbsp;&nbsp;&nbsp;&nbsp; INC. <br>
      <br>
      <br>
      /s/ Leigh J. Abrams <br>
      <br>
      <br>
      <br>
      /s/ Jason D. Lippert </font></td>
  </tr>
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<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>- 11 - </FONT></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.197
<SEQUENCE>6
<FILENAME>d58763_ex10-197.htm
<DESCRIPTION>CHANGE OF CONTROL AGREEMENT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
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     <!-- Project:        X:\JOBS\04-58692\d04-58692.eep                                   -->
     <!-- Control Number: 04-58692                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-10.197</TITLE>
</HEAD>
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<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Exhibit 10.197</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>CHANGE IN CONTROL
AGREEMENT</I> </FONT></H1>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change
In Control  Agreement (this  &#147;Agreement&#148;)  dated as of September 12, 2003 by
and between Fredric M. Zinn  (&#147;Executive&#148;)  and Drew Industries  Incorporated,
 a Delaware corporation (the &#147;Company&#148;).  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
 the Company  recognizes  that  Executive&#146;s  contribution to the growth and success
of the Company has been, and will continue to be,  substantial;  and the Company wishes
to assure Executive&#146;s continued employment with the Company; and </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
 the Company  believes that it is in the best interest of the Company and its
 stockholders  to foster  Executive&#146;s  objectivity  in making  decisions  with
respect to any pending or threatened  Change in Control (as  hereinafter  defined) of the
Company and to assure that the Company will have the continued  dedication and
 availability  of Executive  notwithstanding the possibility,  threat or occurrence of a
Change in Control; and the Company believes that these goals can best be accomplished by
alleviating certain of the risks and  uncertainties  with regard to Executive&#146;s
 financial and  professional  security that would be created by a pending or threatened
 Change in Control and that inevitably  would distract Executive and could impair his
ability to objectively  perform his duties for and on behalf of the Company.
 Accordingly,  the Company believes that it is appropriate and in the best interest of
the Company and its stockholders to provide to Executive  compensation  arrangements upon
a Change in Control that mitigate Executive&#146;s financial risks and uncertainties and
that are reasonably competitive with those of other companies. </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE,  in consideration of the foregoing,  and for other good and valuable
 consideration the receipt of which is hereby acknowledged,  it is hereby agreed as
follows: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.
TERM OF AGREEMENT </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall be effective from the date hereof and, subject to the provisions of
Section 4, shall extend to (and thereupon  automatically  terminate) one (1) day after
Executive&#146;s  termination of employment with the Company for any reason.  No
termination of this Agreement shall limit,  alter or otherwise affect  Executive&#146;s
 rights hereunder with respect to a Change in Control which has occurred prior to such
termination, including without limitation Executive&#146;s right to receive the benefits
provided herein. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.
PURPOSE OF AGREEMENT </B> </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purpose of this  Agreement is to provide  that, in the event of a Change in Control,
 Executive may become  entitled to receive  certain  benefits,  as described herein, in
the event of his termination under specified circumstances. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.
CHANGE IN CONTROL </B> </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement, the phrase &#147;Change in Control&#148; shall mean: </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1
Except as provided in Section 3.3 hereof, the acquisition by any person, entity or &#147;group&#148;,
within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;) (excluding, for this purpose, the Company
or its subsidiaries, or any executive benefit plan of the Company or its subsidiaries
which acquires beneficial ownership of voting securities of the Company), of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty
percent (30%) or more of either the then outstanding shares of common stock or the
combined voting power of the Company&#146;s then outstanding voting securities entitled
to vote generally in the election of directors (the &#147;Voting Securities&#148;); or  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2
       Edward W. Rose, III shall cease for any reason to beneficially own at least ten
percent ( 10%) of the Voting Securities, or </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3
       Approval by the stockholders of the Company of a reorganization, merger or
consolidation with any other person, entity or corporation, other than </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1
a merger or consolidation which would result in the Voting Securities outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of another entity) more than fifty percent (50%)
of the combined voting power of the Voting Securities of the Company or such other entity
outstanding immediately after such merger or consolidation, or  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2
a merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no person, entity or group acquires twenty-five percent
(25%) or more of the combined voting power of the Company&#146;s then outstanding Voting
Securities; or  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4
Approval by the stockholders of the Company of a plan of complete liquidation of the
Company or a sale or other disposition by the Company of all or substantially all of the
Company&#146;s assets in one transaction or a series of transactions. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.
EFFECT OF A CHANGE IN CONTROL  </B> </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of a Change in Control,  Sections 6 through 11 of this  Agreement  shall become
 applicable to Executive.  The provisions of these Sections shall remain applicable until
the second  anniversary of the date upon which the Change in Control occurs. On such
second  anniversary date, and provided that the employment of Executive has not been
terminated on account of a Qualifying Termination (as defined herein), this Agreement
shall terminate and be of no further force or effect. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.
QUALIFYING TERMINATION </B> </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
within six (6) months following a Change in Control,  Executive  voluntarily  terminates
his employment with the Company (&#147;Voluntary  Termination&#148;),  or if within one
(1) year following, or within one hundred twenty (120) days prior to, a Change in
Control, Executive&#146;s employment with the Company is terminated (&#147;Involuntary
 Termination&#148;),  either of such terminations shall be conclusively considered a
&#147;Qualifying Termination&#148; unless: </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2 </FONT></P>
<HR SIZE=5 NOSHADE>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1
The Executive voluntarily terminates his employment on a date that is more than six (6)
months after the Change in Control; provided, however, that Executive shall not be
considered to have voluntarily terminated his employment with the Company if, following,
or within one hundred twenty (120) days prior to, the Change in Control, (i) Executive&#146;s
overall compensation is reduced or adversely modified in any material respect, or (ii)
his authority or duties are materially changed and he elects to terminate his employment
within sixty (60) days following such reduction, modification or change. Executive&#146;s
authority or duties shall conclusively be considered to have been &#147;materially changed&#148; if,
without Executive&#146;s express and voluntary written consent, there is any substantial
diminution or adverse modification in Executive&#146;s title, status, overall position,
responsibilities, reporting relationship, general working environment (including without
limitation secretarial and staff support, offices, and frequency and mode of travel), or
if, without Executive&#146;s express and voluntary written consent, Executive&#146;s job
location is transferred to a site more than fifty (50) miles away from his residence.
Executive&#146;s authority and duties shall conclusively be considered to have been &#147;materially
changed&#148; if, without Executive&#146;s express and voluntary written consent,
Executive no longer holds the same title or no longer has the same authority and
responsibilities or no longer has the same reporting responsibilities, in each case with
respect and as to a publicly held parent company which is not controlled by another
entity or person, or  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2
The termination is on account of Executive&#146;s death or Disability. For such purposes,
&#147;Disability&#148; shall mean a physical or mental incapacity as a result of which
Executive becomes unable to continue the performance of his responsibilities for the
Company and its affiliated companies and which, at least three (3) months after its
commencement, is determined to be total and permanent by a physician agreed to by the
Company and Executive (or Executive&#146;s legal representative). In the absence of
agreement between the Company and Executive, each party shall nominate a qualified
physician and the two physicians so nominated shall select a third physician who shall
make the determination as to Disability, or  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3
       An Involuntary Termination occurs for &#147;Cause.&#148; For this purpose, &#147;Cause&#148; shall
be limited to the following: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1
the refusal of Executive to comply with a lawful, written instruction of the Board of
Directors or Executive&#146;s immediate supervisor, which refusal is not remedied by
Executive within a reasonable period of time after his receipt of written notice from the
Company identifying the refusal, so long as the instruction is consistent with the scope
and responsibilities of Executive&#146;s position prior to the Change in Control; or  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2
an act or acts of personal dishonesty by Executive which were intended to result in
substantial personal enrichment of Executive at the expense of the Company or any of its
affiliated companies; or  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3
     Executive&#146;s conviction of any misdemeanor involving an act of moral turpitude
or any felony. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3 </FONT></P>
<HR SIZE=5 NOSHADE>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.
SEVERANCE PAYMENT </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1
Subject to Section 6.2 hereof, if Executive&#146;s employment is terminated as a result
of a Qualifying Termination, the Company shall pay Compensation (as hereinafter defined)
to Executive (A) in the event of an Involuntary Termination, for the two (2) years
following the Qualifying Termination, or (B) in the event of a Voluntary Termination, for
one (1) year following the Qualifying Termination, in either event in accordance with the
Company&#146;s customary payroll practice (the &#147;Severance Payment&#148;).  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
During the second year following an Involuntary Termination, the Severance Payment
payable by the Company to Executive shall be reduced by an amount equal to the
compensation and other benefits received by Executive during either of such periods from
other employment or business activities.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3
For purposes of this Agreement, Executive&#146;s &#147;Compensation&#148; shall equal the
sum of (i) Executive&#146;s salary at the annual rate applicable on the date of the
Qualifying Termination, plus (ii) a &#147;Bonus Increment.&#148; The Bonus Increment
shall equal the annualized average of all bonuses and incentive compensation payments
paid to Executive during the three (3) year period immediately before the date of the
Change of Control under all of the Company&#146;s bonus and incentive compensation plans
or arrangements as disclosed in the Company&#146;s annual Proxy Statement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4
The Severance Payment hereunder is in lieu of any severance payment that Executive might
otherwise be entitled to from the Company in the event of a Change in Control under the
Company&#146;s applicable severance pay policies, if any, or under any other oral or
written agreement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.
ADDITIONAL BENEFITS </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1
In the event of a Qualifying Termination, any and all unvested stock options of Executive
shall immediately become fully vested and exercisable.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2
In the event of a Qualifying Termination, Executive shall be entitled to continue to
participate in the following executive benefit programs which had been made available to
Executive (including his immediate family) and at the same level before the Qualifying
Termination: group medical insurance, group-term life insurance and disability insurance,
use of automobile provided by the Company, and long-term care insurance. These programs
shall be continued at no cost to Executive, except to the extent that tax rules require
the inclusion of the value of such benefits in Executive&#146;s income. The programs
shall continue for Executive&#146;s benefit for two (2) years after the date of the
Qualifying Termination; provided, however, that Executive&#146;s participation in each of
such programs shall be earlier terminated or reduced, as applicable, if and to the extent
Executive receives benefits as a result of concurrent coverage through another program.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.
RIGHTS AND OBLIGATIONS PRIOR TO A CHANGE IN CONTROL </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to the date which is one hundred  twenty (120) days before a Change in Control,  the
rights and  obligations of Executive with respect to his employment by the Company shall
be determined  in accordance  with the policies and  procedures  adopted from time to
time by the Company and the  provisions of any written  employment  contract in effect
between the Company and Executive from time to time. Unless otherwise  expressly set
forth in a separate written  employment  agreement between Executive and the Company,
 the employment of Executive is expressly at-will,  and Executive or the Company may
terminate  Executive&#146;s  employment with the Company at any time and for any reason,
 with or without cause,  provided that if such  termination  occurs within one hundred
twenty (120) days prior to or one (1) year after a Change in Control and constitutes a
Qualifying  Termination the provisions of this Agreement shall govern the payment of the
Severance Payment and the other benefits as provided herein. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Bold 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.
NON-EXCLUSIVITY OF RIGHTS </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Agreement shall prevent or limit Executive&#146;s  continuing or future
participation in any benefit,  bonus,  incentive or other plan or program provided by the
Company or any of its affiliated  companies and for which Executive may qualify,  nor
shall anything  herein limit or otherwise  affect such rights as Executive may have under
any stock option or other  agreements  with the Company or any of its affiliated
 companies.  Except as otherwise  provided in Section 6.3 hereof,  amounts which are
vested benefits or which Executive is otherwise  entitled to receive under any plan or
program of the Company or any of its affiliated  companies at or subsequent to the date
of any Qualified  Termination  shall be payable in accordance with such plan or program. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.
FULL SETTLEMENT </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s  obligation to pay the Severance  Payment and other  benefits  provided
for in this  Agreement and otherwise to perform its  obligations  hereunder (i) shall not
be affected by any set-off,  counter-claim,  recoupment, defense or other claim, right or
action which the Company may have against Executive or others, and (ii) are subject to
receipt by the Company of a duly  executed  and  acknowledged  Waiver and  Release in the
form  attached  hereto as Exhibit A. In no event  shall  Executive  be  obligated  to
seek other employment or to take any other action by way of mitigation of the amounts
 payable to Executive  under any of the  provisions of this  Agreement.  The Company
agrees to pay, to the full extent permitted by law, all legal fees and expenses which
Executive may reasonably incur as a result of Executive&#146;s successful collection
efforts to receive amounts payable hereunder. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.
SUCCESSORS. </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1
This Agreement is personal to Executive, and without the prior written consent of the
Company shall not be assignable by Executive other than by will or the laws of descent
and distribution. This Agreement shall inure to the benefit of and be enforceable by
Executive&#146;s legal representatives.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2
The rights and obligations of the Company under this Agreement shall inure to the benefit
of and shall be binding upon the successors and assigns of the Company.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Bold 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.
GOVERNING LAW </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1
This Agreement is made and entered into in the State of New York, and the internal laws
of New York shall govern its validity and interpretation in the performance by the
parties hereto of their respective duties and obligations hereunder.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the United
States District Court located in White Plains, New York over any suit, action or
proceeding arising out of or relating to this Agreement. Each party hereby irrevocably
waives to the fullest extent permitted by law, (i) the right to a trial by jury; (ii) any
objection that they may now or hereafter have to the venue of any such suit, action or
proceeding brought in any such court; or (iii) any claim that any such suit, action or
proceeding has been brought in an inconvenient forum. Final judgement in any suit, action
or proceeding brought in any such court shall be conclusive and binding upon each party
duly served with process therein and may be enforced in the courts of the jurisdiction of
which either party or any of their property is subject, by a suit upon such judgement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.
MODIFICATIONS </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be amended or modified only by an instrument in writing executed by all of
the parties hereto. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>14. NOTICES </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or  communications  required or permitted to be given to the parties  hereto
 shall be in writing and shall be delivered  personally  or be sent by United States
 registered or certified  mail,  postage  prepaid and return  receipt  requested,  or by
nationally  recognized  courier,  and addressed or delivered as follows,  or at such
other addresses the party addressed may have substituted by notice pursuant to this
Section: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="top">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">To the Company:</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap width="100%"><font face="Times New Roman, Times, serif" size="2">To
      Executive:</font></td>
  </tr>
  <tr valign="top">
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign="top">
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Drew Industries
      Incorporated <br>
      200 Mamaroneck Avenue <br>
      White Plains, New York, 10601<br>
      Attention: President <br>
      </font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2"></font></td>
    <td nowrap><font face="Times New Roman, Times, serif" size="2">Fredric M.
      Zinn <br>
      29 Vixen Road <br>
      Trumbull, CT 06611</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.
CAPTIONS </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
captions of this Agreement are inserted for convenience and do not constitute a part
hereof. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>16.
SEVERABILITY </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
case any one or more of the provisions  contained in this Agreement  shall for any reason
be held to be invalid,  illegal or  unenforceable  in any respect,  such invalidity,
 illegality or  unenforceability  shall not affect any other provision of this Agreement,
 but this Agreement shall be construed as if such invalid,  illegal or unenforceable
provision had never been contained herein and there shall be deemed substituted for such
invalid,  illegal or unenforceable  provision such other provision as will most nearly
accomplish the intent of the parties to the extent  permitted by the applicable law. In
case this Agreement,  or any one or more of the provisions  hereof,  shall be held to be
invalid,  illegal or unenforceable  within any  governmental  jurisdiction or subdivision
 thereof,  this Agreement or any such provision  thereof shall not as a consequence
 thereof be deemed to be invalid, illegal or unenforceable in any other governmental
jurisdiction or subdivision thereof. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>6 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Bold 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>17.
COUNTERPARTS </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement may be executed in two or more  counterparts,  each of which shall be deemed an
original,  but all of which shall together  constitute one in the same Agreement. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered effective as of the day and year first written above. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table border="0" cellspacing="0" cellpadding="0" width="600">
  <tr valign="top">
    <td width="50%">
      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    </td>
    <td><font face="Times New Roman, Times, serif" size="2"><i>/s/ Fredric M.
      Zinn</i> <br>
      Fredric M. Zinn <br>
      <br>
      DREW INDUSTRIES INCORPORATED<br>
      <br>
      By: /s/ Leigh J. Abrams <br>
      <br>
      Name: Leigh J. Abrams <br>
      <br>
      Title: President and CEO </font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>7 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>





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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Exhibit A </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>CHANGE IN CONTROL
AGREEMENT </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Waiver and Release </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
attached Waiver and Release Agreement is to be executed by Executive upon the occurrence
of a Qualifying Termination under the Change in Control Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WAIVER AND RELEASE AGREEMENT </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Waiver and Release Agreement (the &#147;Waiver and Release&#148;) is entered into by and
among Drew Industries  Incorporated,  a Delaware corporation (&#147;Drew&#148;) and
Fredric M. Zinn (&#147;Executive&#148;) this ________ day of ________, 200_. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Bold 10" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.
General Waiver and Release </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
and in  consideration  of the agreement of the Company to provide  Executive  the
Severance  Payment  described in the Change in Control  Agreement,  dated as of September
12, 2003, among Executive and the Company (the  &#147;Agreement&#148;),  Executive,  with
the intention of binding himself and all of his heirs,  executors,  administrators  and
assigns, does hereby  release,  remise,  acquit and forever  discharge the Company,  and
all of its respective  past and present  officers,  directors,  stockholders,  employees,
 agents,  parent corporations,  predecessors,  subsidiaries,  affiliates,  estates,
successors, assigns and attorneys (hereinafter collectively referred to as &#147;Released
Parties&#148;) from any and all claims, charges,  actions, causes of action, sums of
money due, suits, debts, covenants,  contracts,  agreements,  rights, damages,  promises,
 demands or liabilities  (hereinafter  collectively referred to as &#147;Claims&#148;)
whatsoever,  in law or in equity, whether known or unknown,  suspected or unsuspected,
 which Executive,  individually or as a member of any class, now has, owns or holds or
has at any time  heretofore  ever had,  owned or held  against the  Released  Parties
 including,  but not  limited to,  Claims  arising out of or in any way  connected  with
Executive&#146;s employment with the Company or any of the Released Parties or the
termination of any such employment relationship,  including, but not limited to, Claims
pursuant to Federal, state or local  statute,  regulation,  ordinance or common-law  for
(i)  employment  discrimination;  (ii) wrongful  discharge;  (iii) breach of contract;
 (iv) tort actions of any type, including those for intentional or negligent infliction
of emotional harm; and (v) unpaid benefits, wages,  compensation,  commissions,  bonuses
or incentive payments of any type, except as follows: </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1
       those obligations of the Company and its affiliates under the Agreement, pursuant
to which this Waiver and Release is being executed and delivered; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Double" FSL="Project" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2
claims, if any, for Executive&#146;s accrued or vested benefits under the retirement
plans, savings plans, stock options, investment plans and employee welfare benefit plans,
if any, of the Released Parties (within the meaning of Section 3(1) of the Employee
Retirement Income Security Act of 1974 (&#147;ERISA&#148;)), as amended; provided,
however, that nothing herein is intended to or shall be construed to require the Released
Parties to institute or continue in effect any particular plan or benefit sponsored by
the Released Parties and the Company and all other Released Parties hereby reserve the
right to amend or terminate any such plan or benefit at any time; and  </FONT></P>

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<HR SIZE=5 NOSHADE>

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<TD>
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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3
any rights to indemnification or advancement of expenses to which Executive may otherwise
be entitled pursuant to the articles of incorporation or bylaws of any of the Released
Parties, or by contract or applicable law, as a result of Executive&#146;s service as an
officer or director of any of the Released Parties. Executive further understands and
agrees that he has knowingly relinquished, waived and forever released any and all
remedies arising out of the aforesaid employment relationship or the termination thereof,
including, without limitation, claims for backpay, front pay, liquidated damages,
compensatory damages, general damages, special damages, punitive damages, exemplary
damages, costs, expenses and attorneys&#146; fees.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.
Covenant Not to Sue </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
 acknowledges  and agrees that this  Waiver and Release may not be revoked at any time
and that he will not  institute  any suit,  action,  or  proceeding, whether at law or
equity,  challenging the enforceability of this Waiver and Release.  Should Executive
ever attempt to challenge the terms of this Waiver and Release,  attempt to obtain an
order  declaring  this Waiver and Release to be null and void,  or institute  litigation
 against any of the Released  Parties based upon a Claim which is covered by the terms of
this Waiver and Release,  Executive  will as a condition  precedent to such action repay
all monies paid to him under the terms of the Agreement and this Waiver and Release.
 Furthermore,  if Executive  does not prevail in an action to challenge this Waiver and
Release,  to obtain an order  declaring this Waiver and Release to be null and void, or
in any action against any of the Released  Parties based upon a Claim which is covered by
the Waiver and Release set forth herein,  Executive  shall pay to the Company  and/or the
 appropriate  Released  Parties all their costs and attorneys&#146; fees incurred in
their defense of Executive&#146;s action. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.
Denial of Liability </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
 acknowledges  and agrees that neither the payment of the  Severance  Payment under the
Agreement nor this Waiver and Release is to be construed in any way as an admission of
any liability whatsoever by the Company or any of the other Released Parties, by whom
liability is expressly denied. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.
Agreement Not to Seek Further Relief </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
 acknowledges  and agrees that he has not, with respect to any  transaction  or state of
facts  existing  prior to the date of execution of this Waiver and Release,  filed any
complaints,  charges or lawsuits  against any of the Released  Parties with any
 governmental  agency or any court or tribunal,  with respect to any Claims related to
Executive&#146;s  employment or the termination  thereof as provided in Section 1 hereof,
and that he will not do so at any time hereafter.  Executive further  acknowledges and
agrees that he hereby waives any right to accept any relief or recovery,  including costs
and attorneys&#146;  fees, that may arise from any charge or complaint  before any
Federal,  state or local court or administrative agency against the Released Parties. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>9 </FONT></P>
<HR SIZE=5 NOSHADE>

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<TR VALIGN=TOP>
<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.
Company Property </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
 agrees that he will not retain or destroy,  and will immediately  return to the Company,
 any and all property of the Company in his possession or subject to his control,
 including, but not limited to, keys, credit and identification cards, personal items or
equipment provided for his use, customer files, and information,  all other files and
documents relating to the Company and its business, together with all written or recorded
materials,  documents,  computer disks, plans, records or notes or other papers belonging
to the Company. Executive further agrees not to make, distribute or retain copies of any
such information or property. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.
Non-Competition </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1
During the period beginning with and ending on the earlier of (i) six (6) months from the
date of a Qualifying Termination, or (ii) the final installment of the Severance Payment
as provided in the Agreement (the &#147;Restricted Period&#148;), the Executive shall
not, directly or indirectly, undertake or perform services in or for, or render services
to, participate in, or have any financial interest in, or engage in, any business
competitive to that of the business of the Company or its subsidiaries or affiliates
(collectively, the &#147;Affiliated Companies&#148;) or solicit for employment or employ
any employee of the Company or the Affiliated Companies. For purposes hereof, a business
shall be deemed competitive if it is conducted in any geographic or market area in which
the Company or any of the Affiliated Companies are engaged in business during the
Restricted Period and involves the development, design, manufacture, marketing,
packaging, sale or distribution of any products developed, designed, manufactured sold or
distributed, or the offering of any services offered, by the Company or any of the
Affiliated Companies; and the Executive shall be deemed directly or indirectly to engage
in such business if he, or any member of his immediate family (i.e., his spouse and
children and their respective spouses and children) participates in such business, or in
any entity engaged in or which owns, such business, as an officer, director, employee,
consultant, independent contractor, inventor, product developer, partner, individual
proprietor, manager or as an investor who has made any loans, contributed to capital
stock or purchased any stock; provided, however, that the Executive will not at any time
utilize the names &#147;Drew,&#148; &#147;Kinro,&#148;&#147;Better Bath,&#148; &#147;Lippert,&#148; &#147;Lippert
Components&#148; or &#147;LTM,&#148; or any other names used by the Company or the
Affiliated Companies, in any business competitive to that of the business of the Company
or any of the Affiliated Companies, or any patent, trademark, tradename, service mark,
logo, copyright or similar intellectual property, whether or not registered, of any of
the Company or the Affiliated Companies, or any proprietary information of any of the
Company or the Affiliated Companies. The foregoing, however, shall not be deemed to
prevent the Executive from investing in securities if such class of securities in which
the investment is made is listed on a national securities exchange or is of a company
registered under Section 12(g) of the Securities Exchange Act of 1934, and such
investment represents less than five (5%) per cent of the outstanding securities of such
class.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2
The Executive agrees that all products, packaging, inventions, designs, patents, patent
applications, creations, ideas, techniques, methods, copyrightable materials, software,
whether or not registered, or any portions thereof, and any improvements or modifications
thereon, and any applications with respect to each of the foregoing, and any know-how or
procedures related thereto (whether or not patentable), which relate to the business and
products of the Company or the Affiliated Companies, conceived, invented, discovered or
executed by the Executive, whether or not marketed or utilized by the Company or any of
the Affiliated Companies, shall be the sole and exclusive property of the Company.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>10 </FONT></P>
<HR SIZE=5 NOSHADE>

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<TD>
<BR>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.
Confidentiality Agreement </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
 acknowledges  that the terms of this  Waiver and  Release  are  confidential.
 Accordingly,  Executive  agrees not to disclose or publish to any person or entity,
except as required by law or as necessary to prepare tax returns, the terms and
conditions or sums being paid in connection with this Waiver and Release.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.
Acknowledgment </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive
 acknowledges  that he has carefully read and fully  understands the terms of this Waiver
and Release and the Agreement and that this Waiver and Release is executed by Executive
 voluntarily and is not based upon any  representations  or statements of any kind made
by the Company or any or the other Released Parties as to the merits,  legal liabilities
or value of his claims.  Executive further  acknowledges that he has had a full and
reasonable  opportunity to consider this Waiver Release and that he has not been
pressured or in any way coerced into executing this Waiver and Release. </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.
Choice of Laws </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1
This Waiver and Release and the rights and obligations of the parties hereto shall be
governed and construed in accordance with the laws of the State of New York.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2
Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the United
States District Court located in White Plains, New York over any suit, action or
proceeding arising out of or relating to this Agreement. Each party hereby irrevocably
waives to the fullest extent permitted by law, (i) the right to a trial by jury; (ii) any
objection that they may now or hereafter have to the venue of any such suit, action or
proceeding brought in any such court; or (iii) any claim that any such suit, action or
proceeding has been brought in an inconvenient forum. Final judgement in any suit, action
or proceeding brought in any such court shall be conclusive and binding upon each party
duly served with process therein and may be enforced in the courts of the jurisdiction of
which either party or any of their property is subject, by a suit upon such judgement.  </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.
Severability </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
for the waiver and release contained in Section 1 hereof,  if any provision of this
Waiver and Release is unenforceable or is held to be  unenforceable,  such provision
shall be fully severable,  and this Waiver and Release and its terms shall be construed
and enforced as if such  unenforceable  provision had never comprised a part hereof, the
remaining  provisions hereof shall remain in full force and effect,  and the court
construing the provisions shall add as a part hereof a provision as similar in terms and
effect to such unenforceable  provision as may be enforceable,  in lieu of the
 unenforceable  provision.  In the event that the release  contained in Section 1 hereof
is unenforceable or is held to be unenforceable,  the parties  understand  and agree that
the remaining  provisions of this Waiver and Release shall be rendered null and void and
that neither party shall have any further obligation under any provision of this Waiver
and Release </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>11 </FONT></P>
<HR SIZE=5 NOSHADE>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.
Entire Agreement </B> </FONT></P>

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<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
document  contains all terms of the Waiver and Release and supersedes and  invalidates
any previous  agreements or contracts  regarding the same subject matter. No
representations, inducements, promises or agreements, oral or otherwise, which are not
embodied herein shall be of any force or effect.  </FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the undersigned acknowledges that he has read this Waiver and Release
Agreement and sets his hand and seal this ____ day of ____________, 200_. </FONT></P>

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  <tr valign=TOP>
    <td width=40%><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2><br>
      <br>
      ________________________________________<br>
      Fredric M. Zinn</font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sworn to and subscribed before me
this <BR>_____ day of ______________, 200_ </FONT></P><BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>_________________________________
<BR>Notary Public </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>My Commission Expires:<BR><BR>
_____________________ </FONT></P>


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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>12 </FONT></P>
<HR SIZE=5 NOSHADE>

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</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-14
<SEQUENCE>7
<FILENAME>d58763_ex14.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
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     <!-- Project:        X:\JOBS\04-58692\d04-58692.eep                                   -->
     <!-- Control Number: 04-58692                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-14</TITLE>
</HEAD>
<BODY>

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<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Exhibit 14</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Drew Industries
Incorporated<BR>Code of Ethics<BR>Senior Financial Officers of Drew and its Subsidiaries</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Chief Executive Officers, Chief
Financial Officers and Controllers of Drew and its Subsidiaries have a special role to
adhere to ethical conduct and integrity generally, and to promote accurate, fair and
timely reporting of our company&#146;s financial results and condition and other
information we release to the public market and include in reports we file with the
Securities and Exchange Commission. Because of this special role, the Chief Executive
Officers, Chief Financial Officers and Controllers of Drew and its subsidiaries are bound
by the following Code of Ethics, under which each agrees that he or she shall:  </FONT></P>

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</TD>
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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Act
with honesty and integrity, avoiding actual or apparent conflicts of interest in personal
and professional relationships, including disclosure to the Chairman of the Audit
Committee, of any material transaction or relationship that reasonably could be expected
to give rise to such a conflict. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Provide
information within the scope of his or her duties in a manner which promotes full, fair,
accurate, timely and understandable disclosure in reports and documents that the Company
files with, or submits to, government agencies, and in the Company&#146;s other public
communications. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Comply
with all applicable rules and regulations of federal, state, and local governments, and
other appropriate private and public regulatory agencies. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Act
in good faith, responsibly, and with due care, competence and diligence, without
misrepresenting material facts or allowing one&#146;s independent judgment to be
subordinated. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Take
all reasonable measures to protect the confidentiality of non-public information about
the Company or its subsidiaries and their customers and vendors obtained or created in
connection with his or her activities, and to prevent the unauthorized disclosure of such
information unless required by applicable law or regulation or legal or regulatory
process. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proactively
promote and be an example of honest and ethical behavior. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Achieve
responsible use of and control over all assets and resources employed or entrusted. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#149;</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Promptly
report to the Chairman of the Audit Committee any conduct that the individual believes to
be, or would give rise to, a violation of law or business ethics or of any provision of
this Code of Ethics or the Company&#146;s Guidelines for Business Conduct. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 28; page: 28" -->

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DII Code of Ethics<BR>Page 2 of 2 </FONT></P>
<BR><BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It is against the Company&#146;s
policy to retaliate against any employee for the good faith report of violations of this
Code. Violations of this Code of Ethics, including failures to report potential
violations by others, will be viewed as a severe disciplinary matter that may result in
personnel action, including termination of employment.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If you believe that a violation of
the Code of Ethics has occurred, please contact David A. Reed, the Chairman of Drew&#146;s
Audit Committee at (877) 373-9123 (or <I>dareed@causewaycapital.com</I>).  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I acknowledge that I have received
and read this Code of Ethics and understand my obligations as an employee to comply with
the Code of Ethics.  </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table width=600 cellspacing=0 cellpadding=0 border=0>
  <tr valign=TOP>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2><br>
      <br>
      _____________________________________<br>
      Date</font></td>
    <td width=40%><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2><br>
      <br>
      _____________________________________<br>
      Signature</font></td>
  </tr>
  <tr valign=TOP>
    <td width=50%>&nbsp;</td>
    <td width=40%><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2><br>
      <br>
      _____________________________________<br>
      Print Name</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>8
<FILENAME>d58763_ex21.htm
<DESCRIPTION>SUBSIDIARIES
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
     <!-- Project:        X:\JOBS\04-58692\d04-58692.eep                                   -->
     <!-- Control Number: 04-58692                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-21</TITLE>
</HEAD>
<BODY>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
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<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Right 10" FSL="Project" -->
<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Exhibit 21</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Active Subsidiaries of
Registrant </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <td align=LEFT><b><font face="Times New Roman, Times, Serif" size="1">Name</font></b></td>
    <td align=LEFT nowrap><b><font face="Times New Roman, Times, Serif" size="1">State
      of Organization</font></b></td>
  </tr>
  <tr valign=top>
    <td align=LEFT>
      <hr noshade size="1" align="left" width="30">
    </td>
    <td align=LEFT>
      <hr noshade size="1" width="90" align="left">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="100%"><font face="Times New Roman, Times, serif" size="2">Kinro,
      Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Ohio</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Kinro Manufacturing,
      Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Delaware</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Kinro Holding,
      Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">New York</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Kinro Texas
      Limited Partnership</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Kinro Tennessee
      Limited Partnership</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Tennessee</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Components, Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Delaware</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Components Holding, Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">New York</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Components Manufacturing, Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Delaware</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Components Texas Limited Partnership</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Tire &amp; Axle, Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Delaware</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Tire &amp; Axle Holding, Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">New York</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Tire &amp; Axle Texas Limited Partnership</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Coil Clip,
      Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Delaware</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">BBD Realty
      Texas Limited Partnership</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Texas</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">LD Realty,
      Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Delaware</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Lippert
      Components of Canada, Inc.</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Ontario,
      Canada</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">LTM Manufacturing
      LLC</font></td>
    <td align=LEFT><font face="Times New Roman, Times, serif" size="2">Kansas</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>9
<FILENAME>d58763_ex-23.htm
<DESCRIPTION>INDEPENDENT AUDITORS' REPORT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
     <!-- Project:        X:\JOBS\04-58692\d04-58692.eep                                   -->
     <!-- Control Number: 04-58692                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-23</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Right 10" FSL="Project" -->
<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Exhibit 23</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Consent of Independent
Auditors </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board of Directors and
Stockholders <BR>Drew Industries Incorporated: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We consent to the
incorporation by reference in the registration statements (Nos. 333-37194 and
333-91174) on Form S-8 of Drew Industries Incorporated of our report dated
February 11, 2004, with respect to the consolidated balance sheets of Drew
Industries Incorporated and subsidiaries as of December 31, 2003 and 2002, and
the related consolidated statements of income, stockholders&#146; equity, and
cash flows for each of the years in the three-year period ended December 31,
2003, and our report dated February 11, 2004 relating to the financial statement
schedule, which reports appear in the December 31, 2003 Form 10-K of Drew
Industries Incorporated. Our report refers to a change in the method of
accounting in 2002 for goodwill and other intangible assets. </FONT></P>

<BR>
<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ KPMG LLP <BR>Stamford,
Connecticut<BR>March 11, 2004 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2> </FONT></P>
<HR SIZE=5 NOSHADE>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>10
<FILENAME>d58763_ex31-1.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
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     <!-- Project:        X:\JOBS\04-58763\d04-58763.eep                                   -->
     <!-- Control Number: 04-58763                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-31.1</TITLE>
</HEAD>
<BODY>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Right 10" FSL="Project" -->
<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>EXHIBIT 31.1 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION OF CHIEF
EXECUTIVE OFFICER PURSUANT TO 13a-14(a)<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, Leigh J. Abrams, President and
CEO, certify that: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I
have reviewed this annual report on Form 10-K of Drew Industries Incorporated;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
registrant&#146;s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) for the registrant and have: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Designed
such disclosure controls and procedures,  or caused such disclosure controls and
procedures to be designed under our supervision,  to ensure that material  information
relating                           to the registrant,  including its consolidated
subsidiaries,  is made known to us by others within those entities,  particularly during
the period in which this report is                           being prepared; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Evaluated
the effectiveness of the registrant&#146;s  disclosure  controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure
 controls and                           procedures, as of the end of the period covered
by this report based on such evaluation; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Disclosed
in this report any change in the registrant&#146;s  internal control over financial
 reporting that occurred during the  registrant&#146;s  most recent fiscal quarter (the
 registrant&#146;s                           fourth fiscal quarter in the case of an
annual report) that has materially  affected,  or is reasonably  likely to materially
 affect,  the registrant&#146;s  internal control                           over
financial reporting; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
registrant&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions): </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
 significant  deficiencies  and material  weaknesses in the design or operation of
internal  control over financial  reporting  which are reasonably  likely to adversely
 affect the                           registrant&#146;s ability to record, process,
summarize and report financial information; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant&#146;s internal control over financial reporting.  </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: March 11, 2004 <BR>By <I>/s/ Leigh J.
Abrams</I><BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Leigh J. Abrams, President and CEO </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>58 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>11
<FILENAME>d58763_ex31-2.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
     <!-- Project:        X:\JOBS\04-58763\d04-58763.eep                                   -->
     <!-- Control Number: 04-58763                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-31.2</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Right 10" FSL="Project" -->
<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>EXHIBIT 31.2 </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION OF CHIEF
EXECUTIVE OFFICER PURSUANT TO 13a-14(a)<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I, Fredric M. Zinn, Executive Vice
President and CFO, certify that: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1) </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>I
have reviewed this annual report on Form 10-K of Drew Industries Incorporated;</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the
period covered by this report; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Based
on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the periods presented in this
report; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
registrant&#146;s other certifying officer and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) for the registrant and have: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Designed
such disclosure controls and procedures,  or caused such disclosure controls and
procedures to be designed under our supervision,  to ensure that material  information
relating                           to the registrant,  including its consolidated
subsidiaries,  is made known to us by others within those entities,  particularly during
the period in which this report is                           being prepared; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>b)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Evaluated
the effectiveness of the registrant&#146;s  disclosure  controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure
 controls and                           procedures, as of the end of the period covered
by this report based on such evaluation; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>c)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Disclosed
in this report any change in the registrant&#146;s  internal control over financial
 reporting that occurred during the  registrant&#146;s  most recent fiscal quarter (the
 registrant&#146;s                           fourth fiscal quarter in the case of an
annual report) that has materially  affected,  or is reasonably  likely to materially
 affect,  the registrant&#146;s  internal control                           over
financial reporting; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5)</FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
registrant&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions): </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                a)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
significant  deficiencies  and material  weaknesses in the design or operation of
internal control over financial  reporting which are reasonably  likely to adversely
                          affect the registrant&#146;s ability to record, process,
summarize and report financial information; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                b)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
fraud,  whether or not  material,  that involves  management  or other  employees who
have a significant  role in the  registrant&#146;s  internal  control over  financial
                          reporting. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: March 11, 2004 <BR>By <I>/s/ Fredric
M. Zinn</I> <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Fredric
M. Zinn, Executive Vice President and CFO </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Number w/ Rule" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>59 </FONT></P>
<HR SIZE=5 NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Project" -->
</TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>12
<FILENAME>d58763_ex32-1.htm
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.4a) -->
     <!-- Project:        X:\JOBS\04-58763\d04-58763.eep                                   -->
     <!-- Control Number: 04-58763                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-32.1</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Right 10" FSL="Project" -->
<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>EXHIBIT 32.1 </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major 10" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION OF CHIEF
EXECUTIVE OFFICER PURSUANT TO 18. U.S.C.<BR>SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906
OF THE<BR>SARBANES-OXLEY ACT OF 2002</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the
annual report on Form 10-K of Drew Industries Incorporated (the
&#147;Company&#148;) for the period ended December 31, 2003, as filed with the
Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),
Leigh J. Abrams, President and Chief Executive Officer of the Company, hereby
certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>

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</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A signed original of this
written statement required by Section 906 has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request. </FONT></P>

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</TD>
</TR>
</TABLE>

<table width=600 cellspacing=0 cellpadding=0 border=0>
  <tr valign=TOP>
    <td width=40%>&nbsp;</td>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2><br>
      <br>
      <br>
      By: <i>/s/ Leigh J. Abrams</i><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      Leigh J. Abrams<br>
      President, Chief Executive Officer and<br>
      Principal Executive Officer<br>
      March 11, 2004 </font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>60 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TD>
</TR>
</TABLE>
<BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>13
<FILENAME>d58763_ex32-2.htm
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
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<HEAD>
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     <!-- Project:        X:\JOBS\04-58763\d04-58763.eep                                   -->
     <!-- Control Number: 04-58763                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Drew Industries Incorporated                                     -->
     <!-- Project Name:   Form Type: 10-K                                                  -->
     <!-- Firm Name:      Curran & Connors (NY)                                            -->
     <TITLE>EX-32.2</TITLE>
</HEAD>
<BODY>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

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<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>EXHIBIT 32.2 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION OF CHIEF
EXECUTIVE OFFICER PURSUANT TO 18. U.S.C.<BR>SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906
OF THE<BR>SARBANES-OXLEY ACT OF 2002</FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the
annual report on Form 10-K of Drew Industries Incorporated (the
&#147;Company&#148;) for the period ended December 31, 2003, as filed with the
Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),
Fredric M. Zinn, Executive Vice President and Chief Financial Officer of the
Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934; and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 in 2" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=82%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A signed original of this
written statement required by Section 906 has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request. </FONT></P>

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</TD>
</TR>
</TABLE>
<BR>

<table width=600 cellspacing=0 cellpadding=0 border=0>
  <tr valign=TOP>
    <td width=40%>&nbsp;</td>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2></font></td>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2><br>
      <br>
      <br>
      By: <i>/s/ Fredric M. Zinn</i><br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<br>
      Fredric M. Zinn<br>
      Executive Vice President, Chief Financial Officer and<br>
      Principal Financial Officer<br>
      March 11, 2004 </font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>61 </FONT></P>
<HR SIZE=5 NOSHADE>

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</TR>
</TABLE>
<BR>


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</DOCUMENT>
</SEC-DOCUMENT>
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